Benzinga | Apr 7, 2021 02:03PM EDT

Autonomous Driving Tech Firm TuSimple To Raise Over $1B In IPO Valued At $8.3B

* Autonomous-driving technology company TuSimple Holdings Inc (NASDAQ: TSP) offered 27 million shares along with 6.76 million shares from a selling shareholder at an expected offer price bracket between $35 and $39 in its initial public offering (IPO) valued at $8.3 billion.

* The expected gross proceeds will range between $946 million and $1.05 billion.

* The underwriters have a 30-day option to purchase additional shares up to 5 million.

* TuSimple has sought a Nasdaq listing under the ticker symbol "TSP."

* The company's net loss of $198.8 million in 2020 grew 37% year on year. Revenue jumped 157% to $1.8 million.

* Volkswagen AG's (OTC: VLKAF) (OTC: VWAGY) commercial trucking unit TRATON SE and United Parcel Service Inc (NYSE: UPS) backed TuSimple was developing self-driving trucks with Navistar International Corp (NYSE: NAV) that were scheduled for production in 2024.

* TuSimple's technology will reportedly reduce labor costs and accidents.

* The Committee on Foreign Investment in the U.S. (CFIUS) investigated a 2017 investment from Chinese technology firm Sina Corp affiliate Sun Dream Inc as per a TuSimple disclosure last month.

* Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) Waymo and China-based XPeng Inc (NYSE: XPEV) were also fast-tracking their self-driving technologies.