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Chinese LiDAR systems provider Hesai Group (HSAI) has filed for a $100M US initial public offering.
Hesai indicated in the filing fee schedule for its filing that it was seeking up to $100M, a number that is likely a placeholder and subject to change. It didn’t specify how many American Depositary Shares it intends to offer or the price.
Underwriters on the deal include Goldman Sachs, Morgan Stanley, Credit Suisse and Huatai Securities. The company hopes to list its shares on Nasdaq under the symbol HSAI.
Incorporated in the Cayman Islands, Hesai operates primarily through subsidiaries in China but also has a presence in the US and other countries. The company develops and manufactures LiDAR systems for advanced driver-assistance systems, or ADAS, autonomous mobility and robotics.
The company has been operating in the red. For the nine-month period ended Sept. 30, Hesai reported a net loss of $23M on revenue of $112M.
Other publicly traded LiDAR providers include Innoviz (INVZ), Luminar (LAZR), Ouster (OUST), Velodyne Lidar (VLDR), Aeva (AEVA) and AEye (LIDR).
Image and article originally from seekingalpha.com. Read the original article here.