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LAZR - Luminar Technologies Inc News Story

$22.04 -0.1  -0.4%

Last Trade - 18/05/21

Sector
Technology
Size
Large Cap
Market Cap £5.32bn
Enterprise Value £4.89bn
Revenue £13.6m
Position in Universe 1105th / 6846

Self-driving truck maker TuSimple valued at $8.5 bln in Nasdaq debut

Thu 15th April, 2021 5:05pm
April 15 (Reuters) - Shares of TuSimple Holdings Inc  TSP.O 
made a lackluster U.S. stock market debut on Thursday, giving
the self-driving truck maker a market capitalization of $8.5
billion. 
    TuSimple shares opened at $40.25, marginally higher than
their initial public offering (IPO) price of $40 per share. 
    The San Diego, California-based company sold about 27
million shares in its IPO while some stockholders sold about 6.8
million shares. TuSimple received about $1.1 million in proceeds
from the IPO. 
    The company, backed by Volkswagen's commercial trucking
unit, TRATON SE, and United Parcel Service Inc, is developing
self-driving trucks with Navistar International Corp, which are
slated to start production in 2024.
    Many startups, automakers and large technology companies,
including Google's Waymo and China-based Xpeng Inc, are
accelerating work on their self-driving technology that is
expected to bring a sea change in the transportation industry.
    A string of lidar-sensor manufacturers went public last year
through mergers with publicly listed shell companies, including
Luminar Technologies Inc  LAZR.O , Velodyne Lidar Inc  VLDR.O ,
Ouster Inc  OUST.K , underlining the demand for autonomous
driving technology.
    TuSimple posted a net loss of $177.9 million for the year
ended Dec. 31, 2020, a recent regulatory filing showed. The
company said it expects to incur significant expenses and
continuing losses in the foreseeable future. 
    Morgan Stanley, Citigroup and J.P. Morgan were among the
underwriters for the offering.
    

 (Reporting by Sohini Podder in Bengaluru;
Editing by Vinay Dwivedi)
 ((sohini.podder@thomsonreuters.com;))
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