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Self-driving truck startup TuSimple aims to have a valuation of more than $ 8 billion in the US IPO.

© Reuters.

(Reuters) – Self-driving truck startup TuSimple Holdings Inc. on Wednesday said it was targeting a valuation of more than $ 8 billion in an initial public offering (IPO) in the US.

The company says it aims to raise around $ 1.3 billion during the offering by selling around 34 million shares at a price between $ 35 and $ 39 per share.

TuSimple is the third company to announce plans to raise more than $ 1 billion through stock sales on Wednesday, as companies continue to tap into the hot U.S. IPO market.

The company is headquartered in San Diego, California, supported by Volkswagen’s commercial trucking unit TRATON SE (DE 🙂 and United Parcel Service Inc (NYSE :), which is developing self-driving trucks with Navistar (NYSE 🙂 International Corp, is scheduled to begin production in 2024.

In July, it launched a self-driving freight network partnership with UPS and the supply chain unit of Berkshire Hathaway (NYSE 🙂 Inc, McLane, in July and said it would operate globally. country in 2024.

Morgan Stanley (NYSE :), Citigroup (NYSE 🙂 and JP Morgan are among the underwriters for the offering

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