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Pony AI is approaching its US IPO, but as it does so, it continues to drop its minimum target for what it hopes to raise in the deal.
Pony operates a fleet of 190 “robot trucks” in Beijing and Guangzhou and more than 250 robotaxis in Beijing, Guangzhou, Shenzhen and Shanghai. The company told TechCrunch that it can charge robotaxi fares in all four cities and is fully driverless in Beijing, Guangzhou and Shenzhen.
In a filing on Thursday, the Chinese self-driving technology company said it plans to issue 15 million American depositary shares, with the potential to issue an additional 2.25 million shares if demand is high, with an expected price range of $11 to $13 per share. At $13, that would value the company at $4.48 billion, based on 344.9 million shares outstanding immediately after the offering.
Pony was once valued at $8.5 billion after closing a Series D round in 2022, in which Toyota participated.
Based on the company’s expected stock price range, Pony can expect to receive up to $224 million from the deal, well below its initial target of $425 million. But at a minimum, the company will raise $165 million, which is also well below the $200 million threshold set in September.
Pony’s debut is the latest in a string of Chinese companies to go public on the U.S. stock market following a multi-year ban from Beijing on raising capital abroad. US investors appear to have a growing appetite for Chinese technology companies, despite rising geopolitical tensions Tariff looms On all Chinese imports.
In the automotive sector, Pony follows Chinese electric vehicle startup Zeekr, which debuted on the New York Stock Exchange in May with total revenues of $441 million.
WeRide, another self-driving car startup, It debuted on the Nasdaq In October, it raised $440.5 million through an IPO and private placement.
Pony will be listed on the Nasdaq under the symbol “PONY.”
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