Chinese Autonomous Driving Startup Pony.ai seeks US IPO
On November 15, China’s autonomous driving startup Pony.ai submitted its red herring prospectus and launched its IPO. It will be listed on Nasdaq under the stock code “PONY” and potentially become the world’s first publicly traded robotaxi company. Pony.ai plans to offer 15 million American Depositary Shares (ADS), priced between $11 and $13 per share, with each ADS representing one ordinary share.
Beijing Automotive Group (BAIC) and Singapore transport operator ComfortDelGro have expressed interest in purchasing up to $70.35 million and $4.5 million worth of ADS respectively, in Pony.ai’s IPO. Additionally, several investors, including Guangzhou Automobile Group (GAC), will acquire approximately $153.4 million in Class A ordinary shares through a targeted private placement. Based on this issuance plan, Pony.ai’s IPO could raise a maximum of $378 million (around 2.747 billion RMB).
SEE ALSO: Pony.ai Could Become the First Global Robotaxi Stock
Pony.ai, the first company in China to launch self-driving travel services, has led the mass production and commercialization of Robotaxi. In the first three quarters of 2024, the company generated $39.51 million in revenue, an 85.5% year-on-year increase, of which the revenue from autonomous driving mobility services surged by 422.2% year-on-year.
