Pony.ai Officially Listed on Nasdaq, Raising Up to $452 Million

On November 27, Chinese autonomous driving company Pony.ai was officially listed on the Nasdaq under the ticker symbol “PONY.” After expanding its IPO size, the company issued a total of 23 million American Depositary Shares (ADS) at the top of its pricing range, $13 per share. If the underwriters exercise their full over-allotment option, the offering could raise $299 million, marking the largest IPO in the U.S. autonomous driving sector this year. Including $153.4 million from concurrent private placements, the total fundraising amount could reach $452 million.

Due to strong market demand, the final IPO size increased by 30%, from an initial 15 million ADS to 20 million ADS. According to reports, investors in the IPO include disclosed partners BAIC Group and ComfortDelGro, as well as Pony.ai’s existing shareholders and other leading global institutions. Additionally, four investors, including GAC Group, subscribed to $153.4 million in Class A ordinary shares through private placements.

SEE ALSO: Chinese Autonomous Driving Startup Pony.ai seeks US IPO

Founded in 2016, Pony.ai launched its Robotaxi service in 2018 and has since become a global leader in autonomous driving technology and operations. It is one of the first companies in China to obtain autonomous driving service permits in Beijing, Shanghai, Guangzhou, and Shenzhen and the only company to secure all categories of Robotaxi regulatory licenses in these four major cities.

Pony.ai Co-founder and CEO James Peng expressed pride in leading the company to its Nasdaq debut: “Over the past eight years, Pony.ai has navigated industry cycles and achieved relentless breakthroughs in technological innovation. Today, we have reached a critical juncture for commercialization.”

Co-founder and CTO Tiancheng Lou added, “Listing on Nasdaq is just the beginning of how autonomous driving technology will change the world. Our journey is far from over. AI will not only deliver safer and more efficient services but also offer unprecedented experiences, completely redefining humanity’s perception of driving.”

According to Pony.ai’s prospectus, the IPO proceeds will be allocated as follows: 40% for large-scale commercialization and market development of autonomous driving travel services and freight services, including production, sales, marketing, customer service, and industry collaboration; 40% for continuous research and development and investment in autonomous driving technology; and 20% for potential strategic investments and acquisitions to enhance technical capabilities and build an industrial chain ecosystem.