WeRide, a China-based self-driving technology company, has delayed its initial public offering (IPO) in the U.S., citing delays in completing necessary transaction documents. The company indicated in a Thursday statement that the process of updating these documents is taking longer than anticipated, although it is actively working to finalize them.
WeRide initially planned to offer 6.5 million American depositary shares (ADS) at a price range of $15.50 to $18.50 per share, aiming to raise up to $440 million through its U.S. listing, which was scheduled for this week. The company specializes in developing autonomous driving technology for applications such as robotaxis, minibuses, and freight sanitation vehicles. According to Pitchbook data, WeRide’s latest valuation was approximately $5.11 billion, with total fundraising reaching $1.39 billion.
The approval from Beijing for the IPO is set to expire this week, raising questions about whether WeRide will need to reapply if it fails to meet the deadline. WeRide was founded in Silicon Valley in 2017, incorporated in the Cayman Islands, and launched its first robotaxi service in Guangzhou, China, in 2019. The company filed for its Nasdaq IPO in July.
The U.S. IPO market has seen fewer listings from Chinese companies in recent years, making WeRide’s potential offering a closely watched event. If successful, this IPO would be one of the most significant U.S. listings by a Chinese firm since Didi’s public offering in 2021.
