By Steve Gelsi
PonyAI is increasing the size of its IPO ahead of its US stock market debut with Uber as a potential investor
Pony AI, a Chinese maker of sensors and software for self-driving taxis and trucks, may receive an investment from Uber Technologies Inc., a report shows.
Uber Technologies (UBER) plans to pour money into the tech company as Pony AI prepares for its initial public offering, sources familiar with the deal told Bloomberg.
Uber may also gain access to Pony AI’s technology for use in the US, the report said. Currently, Pony AI’s technology is only used in China, where it has been developed by Toyota Motor Corp. (TM) has equipped manufactured vehicles as self-driving taxis.
MarketWatch has contacted Uber and Pony AI for comment.
According to market sources, Pony AI’s IPO is expected to take place as early as next week.
As a sign of interest in the IPO, Pony AI increased the size of the offering earlier this week by 5 million shares, to 20 million shares.
At the midpoint of the price range of $11 to $13 per share, Pony AI will raise $240 million from underwriters Goldman Sachs (Asia) LLC, BofA Securities, Deutsche Bank, Huatai Securities and Tiger Brokers
Pony AI plans to trade on the Nasdaq under the ticker “PONY.”
Pony AI reported a loss of $93.9 million and revenue of $39.5 million for the nine months ended September 30, compared with a loss of $104.6 million and revenue of $21.3 million in the same period a year ago .
At last check, Pony AI software and sensors were being used on a fleet of more than 250 robotaxis and 190 robot rucks in China.
Also read: Chinese autonomous driving company Pony AI is targeting a US IPO
-Steve Gelsi
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24-11-24 1031ET
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