Summary:
Pony.ai plans to file for an IPO in the US this week.
Aiming to raise up to $300 million from the listing.
Guangzhou Automobile Group may invest in the IPO.
The company focuses on self-driving fleets in the US and China.
Supported by major investors like Toyota Motor Corp. and Saudi Arabia’s Neom Co.
Pony.ai's Ambitious IPO Plans
Pony.ai, the autonomous driving startup, is set to file for an initial public offering (IPO) in the US as early as this week, according to insider sources. The company aims to raise up to $300 million from this listing.
Key Details of the IPO
- Investment Interest: Guangzhou Automobile Group (GAC), a significant backer of another self-driving firm, WeRide Inc., is considering investing in Pony.ai's IPO.
- Timeline: Although the filing is imminent, the timeline and size of the IPO could still undergo changes.
- Previous Plans: Pony.ai had initially planned to sell shares in the US back in 2021, but those plans were postponed.
Company Background
Founded in 2016 in Silicon Valley, Pony.ai focuses on developing and operating self-driving fleets in both the US and China, including trucks and robotaxis. Recently, they received a permit for fully driverless taxi services in Guangzhou.
Financial Backing
Pony.ai is supported by major investors like Toyota Motor Corp. and Saudi Arabia’s Neom Co. In a recent move to strengthen its position, GAC approved a $27 million investment in Pony.ai to enhance collaboration and foster its autonomous driving technology.
Regulatory Approval
In April, China’s securities regulator gave the green light for Pony.ai’s New York IPO, coinciding with a relaxation of restrictions on domestic tech companies looking to list overseas.
Representatives from Pony.ai and GAC declined to comment on the IPO plans.
:max_bytes(150000):strip_icc()/OKLOChart-1915cd597a5349408baa8b920d73cc1b.gif)
Comments