Chinese autonomous vehicle company WeRide (WRD, Financial) saw its American Depositary Shares (ADS) increase by 6.8% compared to its initial public offering (IPO) price after successfully raising $440.5 million through its IPO and a private placement.
At the close of trading in New York, WeRide's ADS was priced at $16.55, surpassing the IPO price of $15.50. The Guangzhou-based company had postponed its IPO twice before finally setting the offering price at the lower end of the guidance range and increasing the offering size by 20%, raising $120 million.
The transaction valued WeRide at approximately $4.5 billion, based on the number of outstanding shares. The company issued 7.7 million ADS, with each ADS representing three ordinary shares. Automotive parts manufacturer Robert Bosch GmbH agreed to purchase 6.5 million ADS, accounting for roughly 83% of the total offering.
A consortium of investors also committed to buying $320.5 million worth of ordinary shares through a private placement. Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi Alliance, along with an existing WeRide investor, agreed to acquire $97 million worth of shares.
