Guangzhou-based drone maker EHang has delayed plans for a US IPO and is instead looking to raise up to US$200 million in a private fundraising, says DealStreetAsia, citing a Reuters report.
The five-year-old aerial landscaping specialist has decided to put off its IPO plan as it drew lukewarm investor interest, according to Reuters.,
EHang first made headlines in 2016 when it unveiled a passenger drone concept which it said would retail at up to $300,000. Early last year it said it had completed tests for the vehicle which is capable of carrying one person at speeds of up to 130 kph. In May EHang broke the Guinness World Record for most drones flown simultaneously in a 13-minute flight that involved 1,374 drones spread over a kilometer. In the consumer drone sector, EHang is however still dwarfed by fellow Shenzhen-based and the world’s largest non-military drone maker DJI Technology. DJI is said to be planning to list in either Hong Kong or mainland China.