Self-driving truck startup TuSimple hopes to raise $1.3 billion in US IPO
Self-driving truck startup TuSimple Holdings Inc is aiming to raise about £1.3 billion by selling around 34 million shares at £35 to £39 each in its initial public offering (IPO) in the US. The San Diego, California-based company is also targeting a valuation of over £8 billion. The company will list on Nasdaq under the symbol “TSP”.
TuSimple, backed by United Parcel Service (UPS) and Volkswagen’s commercial trucking unit TRATON, is developing self-driving trucks with Navistar International Corp that are slated to start production in 2024. TuSimple also launched a self-driving freight network partnership with UPS and Berkshire Hathaway Inc’s supply chain unit, McLane, in July. According to TuSimple, a 2017 investment from Sun Dream Inc, an affiliate of Chinese technology firm Sina Corp, is being probed by the Committee on Foreign Investment in the United States.
Morgan Stanley, J.P.Morgan, and Citigroup are among the offering’s underwriters.