Stock Track | WeRide Shares Soar 5% After Raising $440 Million in Nasdaq IPO

Stock Track10-28 17:48

Shares of WeRide Inc., a Chinese self-driving startup, surged over 5% in pre-market trading on Sunday, just days after the company's successful Nasdaq debut. The stock rally comes on the heels of WeRide's $440.5 million initial public offering (IPO) and private placement on October 25.

WeRide's IPO marked a significant milestone for the autonomous driving firm, valuing the company at over $4 billion. The company sold 7.74 million American depositary shares at $15.50 per share, raising approximately $120 million through the public offering.

The strong investor demand and impressive valuation achieved through the IPO underscore the growing interest in self-driving technology and the potential for WeRide to capitalize on the rapidly evolving autonomous vehicle market. The fresh capital raised will likely be utilized to accelerate the company's research and development efforts, as well as expand its operational footprint.

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