Chinese startup TuSimple kicked off its public listing on Thursday, raising US$1.1 billion at a market capitalization of US$8.5 billion. The offering price of US$40 per share was higher than the indicated range of US$35 to US$39. The stock price ended the day unchanged.
Photo credit: TuSimple
TuSimple develops driverless trucks powered by artificial intelligence that aim to make long-haul freight transport cheaper and more efficient. It currently offers services in San Diego and Tucson in the US and runs offices in Shanghai and Beijing, KrAsia reported.
As of December 31 last year, TuSimple owns more than 240 patents and has 80% of its workforce dedicated to research and development. Last year, it had revenues of US$1.8 million, according to its prospectus.
Founded in 2015, the company counts internet company Sina, owner of the Twitter-like social media app Weibo, as its biggest institutional investor.
This report was first published on KrAsia.
Editing by Deepti Sri and Jaclyn Tiu
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