Pony AI (PONY Proposed), a Chinese self-driving technology company, trotted out the terms for its IPO – 15.0 million American Depositary Shares (ADS) – at a price range of $11.00 to $13.00 – to raise $180.0 million, if priced at the $12.00 mid-point of its range, according to an F-1/A filing dated Nov. 14, 2024. The IPO is expected to price next week. This is a NASDAQ listing. Pony AI will have a market cap of $1.1 billion, assuming pricing at the $12.00 mid-point of its range.
Goldman Sachs (Asia), BofA Securities, Deutsche Bank Securities, Huatai Securities and Tiger Brokers are the joint book-runners.
The Chinese company is developing autonomous driving technology systems for robotaxis and robobuses, according to the prospectus.
Pony AI has partnerships with Toyota and other large OEMs (original equipment manufacturers), the prospectus said.
Pony AI Inc., based in Guangzhou, China, was founded in 2016. The company runs a fleet of more than 250 robotaxis that are licensed to operate without drivers in four Tier-1 cities in China. Pony AI also runs 190 robotrucks, according to the prospectus.
The Chinese company is not profitable. It reported revenue of about $84.33 million for the 12 months that ended June 30, 2024, according to the prospectus. Its bottom line, though, is swimming in red ink. Pony AI reported a net loss of $106.78 million for the 12 months that ended June 30, 2024.
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