Self-driving truck startup TuSimple Holdings Inc said on Wednesday it was targeting a valuation of more than $8 billion in its US initial public offering (IPO).

The company said it aims to raise about $1.3 billion in its offering by selling around 34 million shares at a price range between $35 and $39 apiece.

TuSimple is the third company to announce plans to raise more than $1 billion through share sales on Wednesday, as companies continue to tap into the red-hot US IPO market.

The San Diego, California-based company, backed by Volkswagen's commercial trucking unit TRATON SE and United Parcel Service Inc, is developing self-driving trucks with Navistar International Corp that are slated to start production in 2024.

It launched a self-driving freight network partnership with UPS and Berkshire Hathaway Inc's supply chain unit, McLane, in July that it said should be operational nationwide by 2024.

Morgan Stanley, Citigroup and J.P. Morgan are among the underwriters for the offering.