Pony AI is getting closer to its initial public offering in the US, but as it does so, it continues to downplay its hopes of achieving its minimum target in the transaction.
Pony operates a fleet of 190 “robo trucks” in Beijing and Guangzhou and more than 250 robotaxes in Beijing, Guangzhou, Shenzhen and Shanghai. The company told TechCrunch that it can charge for robotaxi fares in all four cities and is completely driverless in Beijing, Guangzhou and Shenzhen.
In a filing Thursday, the Chinese self-driving technology company said it plans to issue 15 million American depositary shares, with the possibility of issuing 2.25 million more if there is strong demand, at an expected price of $11 to $13. per share is between At $13, that would value the company at $4.48 billion, based on 344.9 million shares outstanding immediately after the offering.
Following the close of a Series D round in 2022, in which Toyota participated, the Pune received a one-time valuation of $8.5 billion.
Based on the company’s expected share price range, Pony can expect to receive up to $224 million from the transaction, well below its initial target of $425 million. But at the very least, the company will raise $165 million, less than the $200 million it had planned for in September.
Pony’s debut is the latest in a string of Chinese companies going public on the U.S. stock market after years of Beijing banning them from raising offshore capital. Despite rising geopolitical tensions, US investors’ appetite for Chinese technology companies is growing. An increasing tariff On all Chinese imports.
In the automotive sector, Pony follows Chinese EV startup Zeekr, which debuted on the New York Stock Exchange in May with $441 million in gross revenue.
WeRide, another autonomous vehicle startup, Debuted on Nasdaq. In October, it raised $440.5 million in its IPO and private placement.
Pony will list on the Nasdaq under the ticker “PONY”.
Credit : techcrunch.com
