Thursday, April 15, 2021

TuSimple Prices IPO, Starts Trading Today

San Diego-based TuSimple priced its IPO last night, saying that it will sell 33,783,783 shares of its Class A common stock at the price of $40.00 per share, raising just over $1 billion for the company. The company--which develops self driving truck technology--said its underwriters also have a 30-day option to purchase an additional 5,067,567 shares of its Class A common stock at the IPO price. The company will begin trading this morning on the Nasdaq Global Select Market as TSP. TuSimple's IPO was underwritten by Morgan Stanley, Citigroup and J.P. Morgan, along withBofA Securities, Cowen, Credit Suisse, Nomura and RBC Capital Markets, Baird, Needham & Company, Oppenheimer & Co., Piper Sandler and Valuable Capital. The company's major investors are Sun Dream Inc., Composite Capital Master Fund, and Navistar.