Pony.ai, a Chinese autonomous driving tech company, is set to begin trading on the Nasdaq on Wednesday, October 31, 2024, with an initial public offering (IPO) price of $13 per share. This pricing falls at the higher end of the company's projected range, potentially raising at least $260 million and valuing the company at $4.55 billion.
The IPO involves 20 million American depositary shares. Additional private placements from strategic investors are anticipated to generate approximately $153 million. Underwriters, including major firms like Goldman Sachs and BofA Securities, hold an option to purchase an additional 3 million shares, potentially boosting total proceeds up to $452.4 million.
Pony.ai follows WeRide and Zeekr as the latest Chinese tech company to enter the U.S. public market despite regulatory challenges. Its performance will be closely watched given the ongoing competition between the U.S. and China in autonomous vehicle technology. This move comes amid increasing scrutiny of smart device update policies, as highlighted by the FTC's recent concerns. For further context on the evolving tech landscape, consider recent smartphone sales trends and Xiaomi's plans for custom chipsets.