The IPO Buzz: Pony AI Unveils Terms for $180 Million IPO

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. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.