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

Shares of TuSimple Holdings Inc 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, Velodyne Lidar Inc, Ouster Inc , 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.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.