Chinese autonomous-driving company CiDi opened subscriptions for its Hong Kong initial public offering on Dec. 11, with the offering set to close on Dec. 16 ahead of a planned Main Board listing on Dec. 19, according to its prospectus filings.
CiDi plans to issue 5.41 million H-shares at an offer price of about $34 per share, implying a valuation of more than $1.5 billion. The shares include roughly 270,400 allocated to the Hong Kong public offering and about 5.14 million for international placement. The company will trade under stock code 3881.
The IPO has attracted cornerstone investors including ICBC Credit Suisse, Lianfa Shares and state-backed capital from Xiangjiang and Nanning, which together subscribed for more than $70 million. CiDi is also backed by investors such as Sequoia China and New Ding Capital.
Founded in 2017, CiDi focuses on autonomous-driving solutions for closed industrial settings, including mining operations. The company said it operates the world’s largest mixed-fleet autonomous mining truck deployment and ranked third in China’s autonomous mining truck solutions market in 2024.
See also: China LiDAR Maker Seyond Debuts on Hong Kong Stock Exchange
CiDi reported a compound annual revenue growth rate of 263.1% from 2022 to 2024, with first-half 2025 revenue of $52.43 million nearing its full-year 2024 total.