(Reuters) -Pony AI is seeking a valuation of up to $4.48 billion in its U.S. initial public offering, it said on Thursday, as the Chinese autonomous driving firm moves ahead with its long-sought plan for a New York listing.

Pony, backed by Japanese automaker Toyota ( TM ), aims to raise up to $195 million by offering 15 million American Depositary Shares priced between $11 and $13 each.

Chinese companies are slowly pursuing New York flotation following a long hiatus after ride-hailing giant Didi Global was forced to delist its U.S. shares following a clash with Beijing.

Two investors, including Beijing-based automaker BAIC Group, have indicated their interest in buying shares worth $74.9 million in the IPO.

Certain investors have also agreed to buy about $153.4 million worth of shares through concurrent private placements.

Self-driving firms are racing to raise capital as they look to scale operations. Guangzhou-based Pony will enter the U.S. public market on the heels of rival WeRide's Nasdaq debut in October.

Pony's proposed target is a climb-down from its $8.5 billion valuation in a 2022 funding round.

In September this year, Pony's board slashed the minimum IPO valuation to $4 billion from $8.5 billion and proceeds to $200 million from $425 million.

The IPO comes after a 2021 attempt to go public through a $12 billion blank-check deal fell through as Beijing cracked down against Chinese technology companies.

Beijing has since softened its stance and published rules last year to revive offshore listings.

Zeekr's $441 million May IPO is the biggest U.S. listing by a China-based company in 2024, LSEG data showed.

Pony, which last year secured $100 million from Saudi Arabia's NEOM, is also backed by Canadian pension fund Ontario Teachers' and venture capital firm HongShan, formerly Sequoia China.

Pony AI will list on the Nasdaq under the ticker symbol "PONY".

Goldman Sachs, BofA Securities, Deutsche Bank, Huatai Securities and Tiger Brokers are underwriting the IPO.