Chinese autonomous vehicle startup Pony AI has successfully completed its initial public offering (IPO) in the United States, raising $260 million. The IPO values the company at approximately $4.55 billion.
The funds were raised amid a climate of growing investor interest in U.S. markets, particularly in technology firms.
The successful IPO is a significant event, as it could signal the market's receptiveness to China-based companies under the current U.S. administration, especially in the competitive sector of autonomous driving technology.
This market debut follows a period of nearly two years marked by uncertainty for Chinese companies in U.S. markets. The delisting of Didi Global due to regulatory issues in China had cast a shadow over Chinese firms.
The company's IPO consisted of the sale of 20 million American depositary shares, each priced at $13. Alongside the IPO, Pony AI also secured $153.4 million through a concurrent private placement.
Despite the fresh capital, the company, which is backed by Toyota Motor (NYSE:TM), has seen a decrease in valuation from its peak of $8.5 billion two years prior.
Shares of Pony AI are anticipated to begin trading on the NASDAQ later on Wednesday.
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