Pony AI Inc. (NASDAQ:PONY) debuted on the Nasdaq Global Select Market today, pricing its initial public offering at $13 per ADS. The offering of 20 million ADSs, along with a 30-day underwriters' option for 3 million additional ADSs, aims to raise $260 million in gross proceeds.
What Happened: The IPO includes concurrent private placements totaling $153.4 million from strategic investors, bringing the combined gross proceeds to $413.4 million. If underwriters exercise their full option, proceeds could reach $452.4 million.
Pony AI ADRs opened trading at $13 but closed 7.69% lower at $12.00. However, after-hours trading saw a 2.75% rebound to $12.33, according to data from Benzinga Pro. The offering is expected to close on Friday.
Goldman Sachs, Merrill Lynch, and Deutsche Bank are among the underwriters for the IPO. Pony AI specializes in autonomous driving solutions with operations spanning multiple continents.
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