China's WeRide seeks up to $583 million in US IPO, placement

BEIJING - WeRide, a Chinese self-driving automotive company, is seeking to raise as much as US$440 million in a US initial public offering and concurrent private placement. The Guangzhou-based autonomous vehicle company, which was granted approval in 2023 by the Chinese securities regulator for a US listing, is offering 6.45 million American depositary shares at US$15. Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi Alliance and an existing WeRide backer, is set to purchase US$97 million worth of shares, according to the filing. Separately, auto parts maker Robert Bosch agreed to buy as much as US$100 million worth of ADS at the IPO price, the filing shows. The number of ADS available for sale to the public will be reduced to the extent that Bosch purchases any ADS. The IPO and placements would be a rare sizeable listing by a Chinese company in the US since ride-share company Didi Global's disastrous 2021 offering. The largest IPO in 2024 by a Chinese company debuting in the US is Zeekr Intelligent Technology Holding's US$441 million first-time share sale in May. The stock is trading 36 per cent below its IPO price. The IPO would also come as the US is preparing to widen its confrontation with China over autonomous and internet-connected vehicles.