Asia Tech Wire (Nov 15) -- Chinese self-driving company Pony.ai filed a red-herring prospectus with the U.S. Securities and Exchange Commission (SEC) on Thursday and formally launched its plans to list on the Nasdaq under the ticker symbol "PONY".

Pony.ai will issue 15 million American depositary shares (ADSs) at a price of between $11 and $13 per ADS.

If the underwriters exercise their over-allotment option in full, Pony.ai will issue a maximum of 17.25 million ADSs.

Both BAIC Group and Singaporean transportation operator ComfortDelGro have expressed interest in subscribing to Pony.ai's ADSs in this IPO offering, with BAIC subscribing up to $70.35 million and ComfortDelGro subscribing up to $4.5 million.

A number of other investors, including GAC Capital, a wholly-owned subsidiary of GAC Group, will subscribe for a total of approximately $153.4 million in Class A common stock through a strategic directional offering.

According to this offering program, Pony.ai can raise up to approximately $378 million in this IPO.

The prospectus also updated Pony.ai's financial data for the first three quarters of 2024, showing that overall revenue for the first three quarters increased by 85.5% year-on-year, with revenue from all businesses showing an upward trend.

In particular, Pony.ai realized revenue of $4.7 million in robotaxi services in the first three quarters of 2024, up 422.2% year-on-year.

With BAIC and GAC's participation in this IPO subscription, Toyota, BAIC, GAC and FAW Group have not only established a strategic partnership with Pony.ai, but also provided financial support to it.

Toyota and FAW participated in Pony.ai's C round of financing, with Toyota becoming the strategic investor with the highest shareholding in Pony.ai, and Pony.ai being Toyota's only L4 autonomous driving partner in China.

Pony.ai is accelerating the mass production of robotaxi vehicles by cooperating with Toyota, BAIC and other car companies.