Self-driving firm WeRide notched a valuation of USD 4.21 billion after raising USD 120 million in its U.S. initial public offering on Friday, becoming the latest Chinese company to capitalize on easing regulatory hurdles to list in New York.

The company sold 7.7 million American depositary shares in the offering at USD 15.50 a piece, the lower end of its targeted range of USD 15.50 to USD 18.50 per ADS.

It also raised around USD 320.5 million in a concurrent private placement.

WeRide, known for autonomous taxis, vans, buses and street sweepers, is testing and conducting commercial pilots in 30 cities across seven countries.

Self-driving technology is still in the experimental stages globally, with robotaxi companies facing significant technical and regulatory challenges. Even so, China has been more proactive in approving trials compared to the United States.

The IPO follows the debut of Chinese EV maker Zeekr on the New York Stock Exchange earlier this year and comes at a critical moment for the market as it attempts to stage a meaningful rebound in 2024.

Several high-profile companies are now trying to test investor appetite following a prolonged downturn, driven by rising interest rates and geopolitical turmoil.