WeRide's IPO Sees 21% Surge, Raises $440.5M

WeRide Inc., a Chinese autonomous driving technology company, successfully raised $440.5 million through its U.S. initial public offering (IPO) and private placement, with shares priced at the lower end of the expected range. The company's American depositary shares (ADS) rose by 21% post-IPO, trading on the Nasdaq under the ticker 'WRD'. This marks WeRide as the world's first publicly listed universal autonomous driving technology and Robotaxi company. The IPO proceeds, combined with a $320 million private placement, could total $458.5 million if underwriters exercise their options fully. WeRide, established in 2017, operates in 30 cities across seven countries and is known for its comprehensive autonomous driving solutions. Despite strong revenue growth, the company reported a significant loss in the first half of 2024, reflecting the challenging economics of developing autonomous driving technology.