Chinese autonomous driving technology company Pony AI started trading on the Nasdaq on Wednesday at $15 per share, securing it a valuation of $5.25 billion. That opening price is 15% higher than Pony’s offering price of $13, which itself was at the high end of its expected range.
Pony sold 20 million American depositary shares in its initial public offering, raising $260 million. Strategic investors also bought around $153 million worth of Pony AI shares in private placements. The deal’s underwriters — Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers — have the option to buy an additional 3 million shares.
All told, Pony’s total proceeds could climb up to $452.4 million.
Following WeRide and Zeekr, Pony is the latest Chinese tech company to brave the U.S. public market after a de facto ban from Beijing. Investors will be keeping a close eye on Pony’s performance, particularly as both the U.S. and China seek to dominate advancements in autonomous vehicle technology.
This story has been updated to reflect Pony AI’s opening price and new valuation.