The IPO comes as the U.S. and China are in close competition in the autonomous-driving sector, with both countries having the most robotaxi startups globally. The IPO was initially expected to be priced last week, but was delayed as the company increased the deal size and addressed regulator questions. Among those indicating interest in Pony AI shares was Uber Technologies Inc. The offering is being led by Goldman Sachs Group Inc., Bank of America Corp., Deutsche Bank AG, Huatai Securities, and Tiger Brokers Co.
Key takeaways:
- Pony AI Inc. raised $260 million after pricing its U.S. initial public offering at the top of the marketed range, indicating strong investor interest for autonomous-driving technology and Chinese listings in New York.
- The company priced its American depositary shares at $13 each, giving it an implied market value of about $4.5 billion.
- Pony AI, founded in Silicon Valley in 2016, develops and operates self-driving fleets in the U.S. and China, including trucks and robotaxis.
- The company's IPO was initially expected to be priced last week, but was pushed back as the firm increased the deal size and addressed regulator questions.