Lidar Firm Hesai Raises $190 Million in Biggest Chinese US IPO Since Didi

(Bloomberg) — Hesai Group, a developer of sensor technologies used in self-driving cars, has raised $190 million in an IPO, the largest by a Chinese issuer in the U.S. market since the crash of Didi Global Inc. in 2021, according to people familiar with the matter.

The Shanghai-based startup sold 10 million American depositary receipts for $19 each on Wednesday, said the people, who asked not to be identified as the information is private. The company had marketed 9 million shares for $17 to $19 apiece. At the IPO price, the company has a market value of about $2.4 billion.