Chinese startup TuSimple (NASDAQ: TSP) kicked off its public listing on Thursday, raising USD 1.1 billion at a market capitalization of USD 8.5 billion. The offering price of USD 40 was higher than the indicated range of USD 35 to 39. It ended the day unchanged.
TuSimple develops driverless trucks powered by AI that aim to make long-haul freight transport cheaper and more efficient. It currently offers services in San Diego and Tucson in the US and runs offices in Shanghai and Beijing, KrASIA reported.
As of December 31, TuSimple owns more than 240 patents and has 80% of its workforce dedicated to R&D. Last year, it had revenues of USD 1.8 million, according to its prospectus.
Founded in 2015, the company counts internet company Sina, owner of the Twitter-like social media app Weibo, as its biggest institutional investor.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.