WeRide (HKG:0800) launched its initial public offering in Hong Kong to raise as much as HK$3.09 billion.

The autonomous driving company is offering 88.25 million shares at a maximum price of HK$35.00 each, according to a Hong Kong bourse filing on Tuesday.

The offering comprises 4.41 million shares for Hong Kong investors and 83.84 million shares for international buyers, subject to reallocation and the overallotment option.

Pricing is expected on or before Nov. 4, with allocation results due Nov. 5, ahead of WeRide's trading debut on the Hong Kong Stock Exchange on Nov. 6.

Proceeds will be used for R&D, commercialization, and market expansion. The company intends to expand its footprint in the Middle East, Europe, Japan, and Singapore, strengthen domestic marketing, and allocate the remainder for working capital and general corporate purposes.

China International Capital Corporation Hong Kong Securities, and Morgan Stanley Asia are acting as joint sponsors and overall coordinators for the offering.

They also serve as joint bookrunners and joint lead managers alongside J.P. Morgan Securities (Asia Pacific), BOCI Asia, Futu Securities, Daiwa Capital Markets Hong Kong, ABCI Securities, and ICBC International Securities.