Pony AI’s valuation hits $5.25B after Nasdaq debut
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.