03:01 PM EDT, 08/09/2024 (MT Newswires) -- WeRide is looking to raise as much as $400 million in its planned initial public offering and concurrent private placement, Bloomberg reported Friday, citing people familiar with the matter.

The company is looking to list its American depositary shares on Nasdaq under the symbol "WRD," according to a securities filing made last month. One ADS will represent a yet to be decided number of the company's class A shares.

The Chinese company would seek about $100 million in its US listing and up to an additional $200 million to $300 million in the private stock placement, according to Bloomberg.

The IPO could begin as soon as next week, though the details are subject to change, the report cautioned.

The company said in its filing that existing shareholder Alliance Ventures would buy $97 million worth of Class A shares in the concurrent private placement. Alliance Ventures is the venture capital fund of the Renault Nissan Mitsubishi Alliance.

WeRide did not immediately respond to a request for comment from MT Newswires.

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