Chinese robotaxi firm Pony AI seeks up to $4.5 billion valuation in US IPO

(Reuters) – Chinese autonomous driving firm Pony AI said on Thursday it was targeting a valuation of up to $4.48 billion in its initial public offering in the United States.

Pony, backed by Japanese automaker Toyota (NYSE:), is seeking up to $195 million in the IPO by offering 15 million American Depositary Shares priced between $11 and $13 each.

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

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

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