TuSimple Announces IPO With Price Range of $30-$39

TuSimple Holdings, a self-driving technology company, announces it has launched the roadshow for its initial public offering.
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TuSimple Holdings, a self-driving technology company, announced Wednesday that it has launched the roadshow for its initial public offering.

The company filed a prospectus with the Securities and Exchange Commission to offer 33,783,783 shares of its Class A common stock to the public, with 27,027,027 shares offered by TuSimple and 6,756,756 shares offered by a selling stockholder.

In addition, the underwriters of the initial public offering will have a 30-day option to purchase up to an additional 5,067,567 shares of Class A common stock from the selling stockholder.

The initial public offering price is expected to total $35 to $39 a share. TuSimple has applied to list its Class A shares on the Nasdaq Global Select Market with the ticker "TSP."

If its nearly 39 million shares trade at $39  share, the offering would total nearly $1.52 billion.

“We have developed industry-leading autonomous technology specifically designed for semi-trucks, which has enabled us to build the world’s first autonomous freight network in partnership with world-class shippers, carriers, railroads, freight brokers, fleet asset owners, and truck hardware partners,” TuSimple said in its prospectus.

Revenue totaled $1.84 million last year, up from $710,000 in 2019. The company posted a net loss of $177.87 million last year, widening from $84.883 million in 2019.

TheStreet.com founder Jim Cramer offered advice about investing in IPOs last month.

Last week, Endeavor Group, the parent of Ultimate Fighting Championship, filed with the SEC to go public. As part of the plan, the company has agreed to buy the 49.9% of UFC that it doesn't already own.