Pony AI to Make Trading Debut After Stock IPO Priced at $13 -- Barrons.com

By Mackenzie Tatananni

Shares of Pony AI, a Chinese autonomous-driving company, were set to make their U.S. trading debut Wednesday after the pricing of its initial public offering.

The company, which manufactures sensors and software for self-driving vehicles, announced the pricing of its initial public offering of 20 million American depositary shares at $13 each, the high end of the expected range.

The stock will begin trading on the Nasdaq Global Select Market on Wednesday under the ticker symbol "PONY." The offering is expected to close on Nov. 29.

Goldman Sachs (Asia) L.L.C., BofA Securities, Deutsche Bank, Huatai Securities, and Tiger Brokers were the underwriters for the IPO. Pony AI has granted them an option to buy up to 3 million additional shares.

The company brands itself as one of the first to offer autonomous robotaxi services "with substantial safety benefits and compelling passenger experience" in China.

Pony AI oversees a fleet of more than 190 robotrucks and 250 robotaxis and has partnered with Toyota and GMTC to catalyze the mass production of self-driving vehicles.

Strategic investors will purchase around $153 million worth of shares in private placements.

Total gross proceeds are expected to reach at least $413.4 million. If underwriters exercise their full option, this number can climb to $452.4 million.

"Building upon our initial market success in China, Pony is steadfastly committed to providing this safe, sustainable, and accessible autonomous mobility on a global scale," the company wrote in its IPO prospectus.

"To date, our presence has extended beyond China to encompass Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to our advanced technology."

Pony AI reported a loss of $93.9 million and revenue of $39.5 million for the nine months ended Sept. 30., compared with a year earlier loss of $104.6 million and revenue of $21.3 million.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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November 27, 2024 07:51 ET (12:51 GMT)

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