(Bloomberg) -- Westwell, a Chinese company that develops autonomous-driving technology for logistics companies, is gearing up for a Hong Kong initial public offering, according to people familiar with the matter.
Shanghai Westwell Lab Information Technology Co. is working with China International Capital Corp., Citic Securities Co. and CMB International for the offering, which could happen as early as 2025, the people said, asking not to be identified because the matter is private. The company is planning on raising as much as $100 million, one person said.
Deliberations are ongoing, and the size and timing of the deal may change, the people added. A representative for Westwell declined to comment, as did a representative for Citic Securities. CICC and CMBI didn’t immediately respond to a request seeking comment.
Westwell joins a string of Chinese auto-related companies looking to sell shares for the first time. Black Sesame International Holding Ltd., which designs chips for autonomous driving systems and is backed by Xiaomi Corp., listed in Hong Kong earlier this month. Autonomous-driving company WeRide Inc. was planning a US IPO before delaying it.
Hong Kong IPOs have raised $2.5 billion so far this year, down about 5% from the same period last year, according to data compiled by Bloomberg.
Founded nearly a decade ago in Shanghai, Westwell says it helps logistics companies manage their operations with its technology and also makes autonomous trucks. It opened a Hong Kong hub last year.
The company operates in more than 20 countries and works with above 200 customers, including AP Moller-Maersk A/S, Hutchison Port Holdings Ltd. and Cosco Shipping Holdings Co., according to its website.
--With assistance from Linda Lew.
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