Momenta Targets $750 Million Hong Kong IPO as $380 Million Cornerstone Demand Backs Listing
Updated
Updated · South China Morning Post · Jun 29
Momenta Targets $750 Million Hong Kong IPO as $380 Million Cornerstone Demand Backs Listing
3 articles · Updated · South China Morning Post · Jun 29
Summary
Momenta is offering 19.94 million shares at HK$295.60 each, seeking about $750 million in a Hong Kong IPO scheduled to start trading on July 8.
Nearly $380 million of the deal is already covered by cornerstone investors including GIC, Fidelity International, BlackRock and Mercedes-Benz, with bookbuilding set to close on Friday.
The Chinese autonomous-driving company said it will use proceeds for research and development and to expand its robotaxi push after winning Beijing approval for a Hong Kong listing.
Founded in 2016, Momenta supplies self-driving technology to automakers and said its solutions had been deployed in more than 160 mass-produced vehicle models as of September.