Driverless Tech Firm Pony AI’s Shares Sink 7.7% After US IPO (2)

Pony AI Inc.’s American depositary shares erased an early pop to decline 7.7% in their trading debut after raising $413.4 million in an initial public offering and concurrent private placements, after delaying the pricing by a week.

The Chinese autonomous driving startup’s shares closed at $12 each on Wednesday in New York, below the IPO price. The company sold 20 million ADS in the offering for $13 per ADS, the top of the marketed range, to raise $260 million.

Separately, a group of investors agreed to buy $153.4 million worth of ordinary shares from the company in a private ...