Asia Tech Wire (Aug 12) -- Chinese self-driving technology startup WeRide is seeking to raise up to $440 million through a U.S. IPO and private placement.

According to a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, the Chinese tech startup is offering 6.45 million American Depositary Shares (ADSs) at a price range of $15.50 to $18.50 after receiving approval from the China Securities Regulatory Commission (CSRC) for a U.S. IPO last year.

Each ADS represents three ordinary shares, giving WeRide a market value of about $5 billion at the high end of the offering price range.

The filing shows that a number of investors have agreed to buy $320.5 million worth of ordinary shares via private placements, with Alliance Ventures buying $97 million worth of ordinary shares, and other investors including JSC International Investment Fund SPC and Get Ride Inc.

Alliance Ventures, part of the Renault-Nissan-Mitsubishi "Alliance", has participated in two funding rounds for WeRide in 2018 and 2021.

The filing also shows that German auto parts maker Robert Bosch GmbH agreed to buy ADSs worth up to $100 million at the IPO price.