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Self-driving technology company WeRide delayed its plan for an initial public offering in the U.S., citing its need for more time to complete documents.
“Updating transaction documents is currently taking longer than expected, and WeRide is working to complete the documentation necessary to move forward with the transaction,” the company said in a statement Thursday.
WeRide was expected to offer 6.5 million ADS (American depositary shares) in the range of $15.50 to $18.50. It was looking to raise up to $440 million in a U.S. listing that had been set for this week.
The company, which develops self-driving technology for robotaxis, minibuses as well as freight sanitation vehicles, was last valued around $5.11 billion and has raised $1.39 billion, according to Pitchbook data.
Beijing approval for the deal will expire this week and it’s unclear if the company would need to reapply for approval if it misses the deadline.
The firm was founded in Silicon Valley in 2017 and incorporated in the Cayman Islands, before it launched a robotaxi service in Guangzhou, China, in 2019. It filed for an IPO on the Nasdaq in July.
It has been a dry market for Chinese IPOs in the U.S. in recent years, and many were watching WeRide’s potential listing for signs of pick up. If completed, the IPO would be one of the largest U.S. listings by a Chinese company since Didi’s IPO in 2021.