Pony AI Inc (NASDAQ: PONY), a leading autonomous driving technology company, saw its shares plummet 5.17% in trading on Wednesday following the announcement of its Hong Kong IPO pricing. The sharp decline suggests that investors may have been disappointed with the offering details or concerned about the company's valuation.
According to the company's filing, Pony AI set its final public offer price at HK$139.00 per share for its listing on the Stock Exchange of Hong Kong, scheduled to commence on November 6, 2025. The offering comprises 48,249,000 Class A Ordinary Shares, which will trade under the stock code 2026. The company successfully raised HK$6.45 billion in net proceeds from the IPO, with the Hong Kong public offer being 15.88 times oversubscribed and the international offering 7.72 times subscribed.
Despite the negative market reaction to the IPO news, Pony AI recently announced a promising partnership with Stellantis NV to develop level 4 autonomous driving vans. However, this positive development appears to have been overshadowed by the market's response to the Hong Kong listing details. As Pony AI prepares for its debut on the Hong Kong bourse, investors will be closely watching to see how the stock performs in its new listing.