The editor of Downcodes learned that Chinese autonomous driving company Pony.ai submitted a red herring version of its prospectus to the U.S. Securities and Exchange Commission on November 14, EST, officially launching the IPO process and planning to list on Nasdaq with the stock code "PONY" ”, striving to become the first Robotaxi stock in the world. This IPO has attracted much attention and attracted the attention of many investors. Pony.ai will issue 15 million ADSs, with each ADS priced between US$11 and US$13, and the maximum amount of funds raised is approximately US$378 million.
Chinese autonomous driving company Pony.ai submitted a red herring prospectus to the U.S. Securities and Exchange Commission on November 14, Eastern Time, officially starting the initial public offering (IPO) process.
Pony.ai plans to be listed on Nasdaq under the stock code "PONY" and strive to become "the first Robotaxi stock in the world." The IPO will issue 15 million American depositary shares (ADS), with the pricing range for each ADS being US$11 to US$13. If the underwriters exercise their over-allotment option in full, Pony.ai will issue up to 17.25 million ADSs.
In this IPO, BAIC Group and Singaporean transportation operator ComfortDelGro both expressed their intention to subscribe, with BAIC Group's subscription amount up to US$70.35 million and ComfortDelGro's subscription amount up to US$4.5 million. In addition, multiple investors, including GAC Capital, a wholly-owned subsidiary of GAC Group, will subscribe for a total of approximately US$153.4 million in Class A ordinary shares through strategic private placements. According to this issuance plan, the maximum amount of funds raised by Pony.ai for this IPO is approximately US$378 million (approximately RMB 2.747 billion).
Pony.ai mentioned in its prospectus that the purpose of the funds raised from the IPO mainly includes: about 40% of the funds will be used for the commercialization and market expansion of autonomous driving travel and freight services, and the other 40% will be used for the research and development of autonomous driving technology. investment, 20% will be used for potential strategic investments and acquisitions to enhance the company’s technical strength and industrial chain ecology.
In terms of financial data, Pony.ai updated its revenue for the first three quarters of 2024, with overall revenue increasing by 85.5% year-on-year. Among them, autonomous driving travel service revenue was US$4.7 million, a year-on-year increase of 422.2%; freight service revenue was US$27.4 million, a year-on-year increase of 56.5%; technology licensing and application service revenue was US$7.4 million, a year-on-year increase of 155.2%.
Pony.ai has established strategic partnerships with a number of automobile manufacturers. Companies such as Toyota, BAIC, and GAC not only participated in Pony.ai’s financing, but also provided financial support. Pony.ai is cooperating with BAIC New Energy to develop L4 driverless models and plans to launch 1,000 Robotaxi units in the domestic market.
Pony.ai's IPO will have a major impact on its future development, and its use of funds raised also shows the company's strategic layout and ambitions in the field of autonomous driving, which deserves continued attention. The editor of Downcodes will continue to follow up the report.