IPO for Autonomous Trucking Player TuSimple (TSP) Opens Flat

April 15, 2021 11:52 AM EDT

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Today's IPO for TuSimple Holdings Inc. (NASDAQ: TSP) opened for trading at $40 after pricing 33,783,783 shares of its Class A common stock at a price to the public of $40.00 per share, with 27,027,027 shares being offered by TuSimple and 6,756,756 shares being offered by a selling stockholder.

Morgan Stanley, Citigroup and J.P. Morgan are acting as lead book-running managers for the proposed offering. BofA Securities, Cowen, Credit Suisse, Nomura and RBC Capital Markets are acting as book-running managers for the offering. Baird, Needham & Company, Oppenheimer & Co., Piper Sandler and Valuable Capital are acting as co-managers for the offering.

TuSimple was founded in San Diego in 2015 with a mission to improve the safety and efficiency of the trucking industry through world class autonomous driving technology. Our global team of 800+ employees have developed the world’s most advanced autonomous driving system specifically designed to meet the unique demands of heavy-duty trucks and established the industry’s best long-range perception system capable of locating and identifying objects up to 1,000 meters away. In July of 2020 TuSimple launched the world’s first Autonomous Freight Network (AFN), a nationwide transportation network allowing freight to be moved throughout the country using L4 autonomous trucks. Through TuSimple’s groundbreaking Autonomous Freight Network, we are addressing the truck freight industry’s most pressing challenges by enabling reliable, low-cost freight capacity as a service while setting a new standard for safety and fuel efficiency.

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