(Reuters) - Autonomous vehicle technology company Velodyne Lidar has hired bankers for an initial public offering, Business Insider reported 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