TuSimple Holdings Inc. said on Thursday it had raised more than $1 billion through an initial public offering, valuing the self-driving truck startup at nearly $8.5 billion.
The San Diego, Calif.-based company sold around 27 million shares in its IPO, while some stockholders sold about 6.8 million shares priced at $40 apiece.
Backed by Volkswagen's commercial trucking unit and United Parcel Service Inc., TuSimple is developing self-driving trucks with Navistar International Corp. whose production is slated to start in 2024.
The company is the latest player in the self-driving technology and manufacturing market to take the public market route after a string of lidar sensor manufacturers, including Luminar Technologies Inc. and Velodyne Lidar Inc., went public through mergers with blank-check firms last year.
TuSimple's share are set to debut on the Nasdaq later in the day, under the ticker symbol TSP.
