Chinese autonomous driving company Pony.ai submitted its red herring prospectus to the U.S. Securities and Exchange Commission on November 14 (Eastern Time), officially starting the process for its initial public offering (IPO).
Pony.ai plans to list on NASDAQ under the stock code "PONY," aiming to become the "first global Robotaxi stock." The IPO will issue 15 million American Depositary Shares (ADS), with a pricing range of $11 to $13 per ADS. If the underwriters fully exercise their over-allotment option, Pony.ai could issue up to 17.25 million ADS.
In this IPO, BAIC Group and Singapore's ComfortDelGro have expressed interest in subscribing, with BAIC Group's subscription amount potentially reaching $70.35 million, while ComfortDelGro's maximum subscription is $4.5 million. Additionally, several investors, including GAC Capital, a wholly-owned subsidiary of GAC Group, will subscribe through a strategic private placement, totaling approximately $153.4 million in Class A common stock. Based on this issuance plan, Pony.ai's IPO could raise up to $378 million (approximately RMB 2.747 billion).
Pony.ai mentioned in its prospectus that the funds raised from the IPO will primarily be used for: about 40% for the commercialization and market expansion of autonomous driving services and freight services, another 40% for research and development of autonomous driving technology, and 20% for potential strategic investments and acquisitions to enhance the company's technological strength and industrial ecosystem.
In terms of financial data, Pony.ai updated its revenue figures for the first three quarters of 2024, showing an overall revenue growth of 85.5% year-on-year. Among these, revenue from autonomous driving services was $4.7 million, a year-on-year increase of 422.2%; revenue from freight services was $27.4 million, a year-on-year increase of 56.5%; and revenue from technology licensing and application services was $7.4 million, a year-on-year increase of 155.2%.
Pony.ai has established strategic partnerships with several automotive manufacturers, including Toyota, BAIC, and GAC, which have not only participated in Pony.ai's financing but also provided funding support. Pony.ai is collaborating with BAIC New Energy to develop L4 autonomous driving vehicles and plans to launch 1,000 Robotaxis in the domestic market.
Key Points:
🌟 Pony.ai initiates IPO, plans to list on NASDAQ, aiming to raise up to $378 million.
🚗 Major funds will be used for the commercialization of autonomous driving services and technology R&D.
🤝 Several automotive manufacturers are participating in the subscription, promoting collaboration on Robotaxi technology and global expansion.