June 22, 2019 / 11:12 PM / 5 months ago

Velodyne Lidar hires bankers for an IPO - Business Insider

June 22 (Reuters) - Autonomous vehicle technology company Velodyne Lidar has hired bankers for an initial public offering, Business Insider reported here on Saturday, citing sources familiar with the process.

The San Jose, California-based company is working with Bank of America Merrill Lynch, Citigroup Inc, Royal Bank of Canada, and William Blair for a potential IPO, the report said.

Velodyne is looking to surpass its private valuation of $1.8 billion and go public before the end of 2019, Business insider added, citing a source.

Nikon Corp invested $25 million in the self-driving car technology company in December 2018.

Velodyne Lidar did not respond to Reuters' request for comment outside regular business hours. (Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Daniel Wallis)

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