Chinese autonomous driving company Pony AI is targeting a valuation of up to $4.55 billion in an upsized initial public offering (IPO) in the US, the company said on Wednesday.
The company plans to offer 20 million American depositary shares (ADSs) priced between $11 and $13 to raise as much as $260 million during the IPO.
It had previously disclosed plans to sell 15 million ADSs in the same price range.
Two investors have indicated interest in buying $74.9 million in shares in the IPO, while certain investors have agreed to purchase $153.4 million in shares in concurrent private placements.
Pony AI plans to list on the Nasdaq under the ticker symbol ‘PONY.’
Per LSEG data, at $260 million, Pony AI’s IPO will mark the second largest US debut this year by a Chinese-based company after EV maker Zeekr’s $441 million IPO in May.
The IPO is being underwritten by Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities and Tiger Brokers.
Guangzhou-headquartered Pony AI specializes in self-driving software and operates a fleet of 250 robotaxis in cities including Beijing and Shanghai.