Mon, Mar 11, 2019
Analysts Say Company Could Raise As Much As $500 Million
We haven't heard much about IPOs for technology companies since the tech boom of the 1990s, but Chinese dronemaker EHang is reportedly looking at "Going Public" with a U.S. Initial Public Offering that could raise as much as $500 million for the company.
Reuters reports that sources with knowledge of the plans say that Morgan Stanley and Credit Suisse are working on the plan. When contacted, Credit Suisse said they had no comment, while EHang and Morgan Stanley did not respond to the requests.
EHang is currently working on both unmanned aircraft and passenger drones. It unveiled its eVTOL concept aircraft in 2016, which the company said would retail for under $300,000. The single-seat aircraft, for which the company says it has completed initial flight tests, can fly at speeds up to 70 knots, according to EHang.
EHang also holds a Guinness World Record for most drones flown simultaneously. Last May, the company conducted 13-minute flight that involved 1,374 drones spread over a kilometer.
EHang's small drones are focused mainly on aerial landscaping. Its market penetration is dwarfed by fellow Chinese company DJI.
While IPOs don't get the kind of attention they did 20 years ago, several Chineses companies have taken advantage of U.S. funding. Those include the live game-streaming playform Douyu, which has made a confidential filing, and Lucking Coffee, a Chinese version of Starbucks which sources say tapped three U.S. banks for an IPO that could be valued at as much as $3 billion.
Overall, Reuters reports that Chinese companies raised $9.1 billion in U.S. IPOs last year.
(Image from file)
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