The World's First IPO of Universal Autonomous Driving Technology Company! WeRide Officially Listed on Nasdaq

Rhea-AI Summary

WeRide, a global autonomous driving technology company, has successfully completed its IPO on the Nasdaq Global Select Market under the ticker symbol WRD. The company priced its IPO at $15.5 per ADS, offering 8,903,760 ADSs. Combined with a $320 million concurrent private placement, total proceeds are expected to reach $458.5 million. Founded in 2017, WeRide provides autonomous driving solutions from Level 2 to Level 4, including Robotaxi, Robobus, Robovan, and Robosweeper services. The company operates in 30 cities across seven countries and holds autonomous driving licenses in China, UAE, Singapore, and the US.

Positive

• First publicly listed universal autonomous driving and Robotaxi company globally
• Substantial funding secured: $458.5M from IPO and private placement
• Diverse product portfolio across multiple autonomous driving levels
• International presence with licenses in multiple key markets
• Operational experience of over 1,700 days across 30 cities in 7 countries

Negative

• Operating in highly competitive autonomous driving sector
• Capital-intensive business model requiring continuous investment

NEW YORK, Oct. 25, 2024 /PRNewswire/ -- WeRide, the leading global commercial-stage company, was officially listed on the Nasdaq Global Select Market under the ticker symbol "WRD." Upon listing, WeRide became the world's first publicly listed universal autonomous driving technology company and the first publicly listed Robotaxi company. The initial public offering price was set at $15.5 per American depositary share (ADS). If the underwriters fully exercise the granted option, the Company will issue a total of 8,903,760 ADSs. The total proceeds from the public offering, combined with $320 million concurrent private placement, are expected to amount to $458.5 million, assuming the underwriters of the initial public offering fully exercise their option.

Tony Han, Founder and CEO of WeRide, stated: "Seven years of perseverance have led to WeRide's new journey today. We are deeply grateful to our investors, clients, employees, and all our partners for their trust and support. Together, we have achieved this important milestone. For us, going public is a new beginning, and WeRide will continue to drive technological innovation, delivering safe, comfortable, and convenient autonomous driving products and services to more countries and regions."

Since its establishment in 2017, WeRide has been committed to transform urban living with autonomous driving, providing autonomous driving solutions ranging from Level 2 to Level 4. The company has developed a comprehensive portfolio, including Robotaxi, Robobus, Robovan, Robosweeper, and advanced driver-assistance system (ADAS), with application scenarios spanning smart mobility, smart logistics, and smart sanitation.

Today, WeRide is the only technology company worldwide simultaneously holding autonomous driving licenses in China, the UAE, Singapore, and the U.S. It has conducted autonomous driving R&D, testing, and operations across 30 cities in seven countries, with over 1,700 days of operation. In Fortune's 2023 Change the World list, WeRide ranked eighth.

Looking ahead, WeRide will remain committed to its mission, continuing to advance autonomous driving technology, and striving to provide innovative autonomous driving products and dedicated services that contribute to greener, low-carbon, and sustainable urban living.

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SOURCE WeRide Inc.

FAQ

What was WeRide's (WRD) IPO price per ADS?

WeRide's IPO price was set at $15.5 per American depositary share (ADS).

How much did WeRide (WRD) raise in its IPO and private placement?

WeRide is expected to raise $458.5 million in total, combining the IPO proceeds and $320 million concurrent private placement.

What autonomous driving services does WeRide (WRD) offer?

WeRide offers Robotaxi, Robobus, Robovan, Robosweeper, and advanced driver-assistance system (ADAS) services.

In which countries does WeRide (WRD) hold autonomous driving licenses?

WeRide holds autonomous driving licenses in China, the UAE, Singapore, and the United States.