Pony AI Inc., a Chinese autonomous driving startup, saw its American depositary shares (ADS) fall by 7.7% in their trading debut, despite an early surge. This comes after the company raised $413.4 million through an initial public offering (IPO) and concurrent private placements, following a week-long delay in pricing.
The company's shares closed at $12 each on Wednesday in New York, falling below the IPO price. Pony AI sold 20 million ADS at $13 per ADS, the top of the marketed range, raising $260 million in the process.
Key takeaways:
Pony AI Inc.'s American depositary shares declined 7.7% in their trading debut.
The company raised $413.4 million in an initial public offering and concurrent private placements.
The pricing was delayed by a week and the shares closed at $12 each, below the IPO price.
Pony AI sold 20 million ADS in the offering for $13 per ADS, raising $260 million.
