In what has been an exciting week for IPOs, Hesai Group, a developer of LiDAR products for autonomous vehicles and other uses, raised $190 million by offering 10 million American Depositary Shares (ADSs) at $19, the high end of the range of $17 to $19. The enthusiasm for the float saw the company offer 1 million more ADSs than anticipated. Hesai will trade on the Nasdaq under the symbol HSAI. The company is incorporated in the Cayman Islands with operations in China,
HSAI IPO Highlights
- Underwriters: Goldman Sachs (Asia) Morgan Stanley Credit Suisse Huatai Securities
- Headquarters Shanghai, China
- Founded 2014
- Employees 2010
- Website: Global Leader in LiDAR Solutions | HESAI Technology
Shares of Hesai opened at $23.75, hitting a high of $30.35 before falling back to a low of $20.95 and closing just off those lows at $21.05.
The company has evolved fromits initial focused on laser sensors for industrial applications. Hesai has shifted its business to LiDAR products in 2016 and has since become a leading provider of three-dimensional LiDAR products for advanced driver assistance systems (ADAS), autonomous mobility, and last-mile delivery robots.
The company has shipped over 103,000 LiDAR units to date, to customers including Li Auto, Jidu, and Lotus.
Hesai’s competitors that are publicly traded include Innoviz (INVZ), Luminar (LAZR), Ouster (OUST), Velodyne Lidar (VLDR), Aeva (AEVA) and AEye (LIDR)
Goldman Sachs (Asia), Morgan Stanley, Credit Suisse, and Huatai Securities acted as joint bookrunners on the deal.
From The TradersCommunity News Desk