Pony.ai, a Chinese robotaxi company, aims to reach a valuation of up to US$4.55 billion through an expanded IPO in the United States.

Backed by Toyota, Pony.ai looks to raise US$260 million by offering 20 million American depositary shares.

These shares are priced between US$11 and US$13 each, an increase from an earlier plan to sell 15 million shares.

Pony.ai’s IPO is set to be the second-largest US offering this year for a China-based company, following Zeekr’s US$441 million IPO.