Chinese autonomous driving technology company Pony AI will start trading on the Nasdaq on Wednesday at an offering price of $13 per share, the higher end of its expected range.
With an initial public offering of 20 million American depositary shares, Pony stands to gain at least $260 million at a $4.55 billion from its debut.
The proceeds will likely exceed that. Strategic investors are expected to buy around $153 million worth of Pony AI shares in private placements, and the underwriters — Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers — have the option to buy an additional 3 million shares.
All told, Pony’s total proceeds could climb up to $452.4 million.
Following WeRide and Zeekr, Pony is the latest Chinese tech company to brave the U.S. public market after a de facto ban from Beijing. Investors will be keeping a close eye on Pony’s performance, particularly as both the U.S. and China seek to dominate advancements in autonomous vehicle technology.
