Andrei Popov
Chinese sensor technology developer Hesai Group (HSAI) has raised $190 million for its IPO, which will be the largest since DiDi Global crashed in 2021. The company had marketed 9 million shares at $17-$19 per share but ended up selling 10M ADS for $19 each, valuing it at around $2.4B.
Hesai (HSAI) bills itself as a global leader in the design and manufacture of LiDAR systems for various applications, including autonomous mobility. It’s also a big deal, as many Chinese companies have avoided raising capital in the US since the DiDi disaster, while an audit dispute has only heightened tensions.
Hesai (HSAI) has enjoyed steady revenue growth for the past three years, with revenue reaching nearly $112 million for the nine months ended September 30 and net loss shrinking to $23 million. Tech majors Baidu, Xiaomi and Meituan are among the company’s strategic investors, as well as German engineering group Robert Bosch GmbH.
The shares are expected to trade on the Nasdaq on Thursday under the ticker symbol “HSAI.”
Previously in the News: ‘Chinese LiDAR Maker Hesai Group Raises Proposed US IPO to $162M’
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