(Bloomberg) -- Driverless technology startup WeRide Inc. filed for what could be the biggest US initial public offering by a Chinese company since ride-share company Didi Global Inc.’s disastrous 2021 listing.
WeRide said in a filing Friday that it may face “various legal and operational risks and uncertainties associated with being based in or having our operations primarily in mainland China.” The company won’t disclose the number and proposed price range for its American depositary shares until it’s ready to begin marketing them.
WeRide, which is incorporated in the Cayman Islands, had filed confidentially for an IPO with a plan to raise as much as $500 million, Bloomberg News reported last year. After Didi’s $4.44 billion IPO prompted a crackdown by Beijing on companies with sensitive data selling shares abroad, US listings by China-based companies had dried up.
In its filing with the the US Securities and Exchange Commission, WeRide said it had a loss of $268 million on revenue of $55 million last year.
Founded in 2017, WeRide develops autonomous driving technology and is testing or deploying it commercially in 30 cities in seven countries, it said in the filing. WeRide produces vehicles including robotaxis, mini buses, vans and street sweepers in addition to its autonomous driving software and hardware solutions.
Current investor Renault-Nissan-Mitsubishi Alliance has agreed to buy shares in the IPO in a private placement, according to the filing.
The offering is being led by Morgan Stanley, JPMorgan Chase & Co. and China International Capital Corp. The company plans for its American depositary shares to trade on the the Nasdaq Stock Market under the symbol WRD.
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