China-based WeRide, a startup specializing in driverless tech, has quietly filed for a public debut in the US that may see it raise up to US$500 million, Bloomberg reported, citing people in the know.
WeRide is in talks with advisers on the IPO, which could take place in the first half of 2023, the sources said. However, details of the IPO including size and timing are subject to change, they added.
WeRide was last valued at around US$4.4 billion after a fundraise in 2022, the report noted. Investors in the company include Nissan, Nvidia, IDG Capital, and The Carlyle Group.
Founded in 2017, WeRide develops driverless solutions for public transport. Its current offerings include robotaxis, busses, vans, and street sweepers. It also provides driving solutions for ride-hailing and on-demand transport firms.
See also: We tried out a futuristic, self-driving robotaxi in China
The developement follows other Chinese companies looking to go public elsewhere. One of the most recent is iMotion, another automated driving-focused startup reportedly eyeing a US$300 million raise through an IPO in Hong Kong.
Editing by Arpit Nayak
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