(Reuters) -China-based autonomous driving startup WeRide said on Friday it was seeking a valuation of as much as $5.02 billion in its initial public offering in the United States.

The IPO announcement comes at a time when the Biden administration is expected to propose barring Chinese software in autonomous and connected vehicles in the United States in the coming weeks.

WeRide is aiming to raise as much as $119.4 million by offering 6.45 million American depositary shares at a price range of $15.50 and $18.50 per share.

Certain investors have also agreed to purchase shares worth $320.5 million in WeRide in a concurrent private placement that is subject to the completion of the IPO.

German automotive supplier Robert Bosch GmbH has indicated an interest in purchasing shares worth up to $100 million sold in the IPO.

Morgan Stanley, J.P. Morgan and China International Capital Corporation are lead underwriters for the IPO.

WeRide will list on the Nasdaq under the symbol "WRD".