The Autonomous Driving Company WeRide Has Postponed Its IPO in the U.S.

Chinese autonomous driving technology company WeRide has postponed its IPO listing plan in the U.S.

WeRide stated in a statement released this Thursday, ‘The time to update the transaction documents is currently longer than expected, and WeRide is working hard to complete the documents necessary to advance the transaction.’

WeRide submitted its Kapbook to Nasdaq on July 27, attracting widespread attention as it was labeled the ‘first Robotaxi stock’ and ‘first stock in general autonomous driving’ by the market.

WeRide planned to issue 6.5 million ADS (American Depositary Shares) at an offering price between $15.50 and $18.50. The company aims to raise up to $440 million through its listing in the United States this week.

According to data from Pitchbook, this company, which develops autonomous driving technology for robotic taxis, small buses, and freight sanitation vehicles, was last valued at approximately $5.11 billion and has raised a total of $1.39 billion.

SEE ALSO: WeRide Set to Launch Its New Generation of Robotaxi on October 15th