WeRide eyes USD 5 billion valuation as it looks to go public in the US: Report

WeRide, the China-based autonomous driving startup is looking at USD 5.02 billion valuation as it looks to list in the US, Reuters reported. 

The company's plans to go public coincide with the Biden administration slated to introduce banning Chinese software in autonomous vehicles in the country in the coming weeks, the newswire reported. 

WeRide hopes to raise USD 119.4 million in the IPO by offering 6.45 million American depositary shares at a price range of USD 15.50 and USD 18.50 per share, the newswire reported.

A clutch of investors like Alliance Ventures BV, and JSC International Investment Fund SPC, to name a few have agreed to buy shares worth USD 320.5 million in the company in a concurrent private placement, upon completion of the listing, Reuters noted. 

Robert Bosch has evinced interest in procuring shares up to USD 100 million in the listing, the newswire further added. 

As EV firm Zeekr listed on the NYSE earlier this May, WeRide is the second Chinese company seeking an American listing this year, the newswire reported.