Momenta Global Hong Kong IPO raises $751 million

Priced astatine HK$295.60 per share, the offering covers astir 19.9 cardinal shares, Bloomberg reported. At that price, Momenta would beryllium valued astatine the equivalent of astir $9 billion. Trading is slated to statesman July 8.

A radical of 14 cornerstone investors — institutions that fastener up their stakes for a minimum of six months post-listing — collectively committed to buying astir $376 cardinal worthy of shares. Among those backing the woody are Mercedes-Benz, BlackRock funds, GIC of Singapore, Fidelity International, Oaktree, Franklin Templeton, ChinaAMC, and Boyu Capital. China International Capital Corp. and Deutsche Bank are starring the offering.

R&D volition sorb the largest stock of IPO funds — astir 60% — with spending earmarked for AI computing infrastructure, information retention capacity, and engineering talent. A further 20% is slated for increasing the company's Robotaxi business, Momenta said.

Cao Xudong, a erstwhile Microsoft researcher, started Momenta successful 2016. The institution provides automakers with bundle that handles tasks similar steering, braking, lane changes, and parking — though the exertion inactive requires an attentive operator who tin intervene astatine immoderate moment. The institution besides operates Robotaxi services and plans to grow those trials internationally, including commercialized Robotaxi services successful Abu Dhabi and Munich this year, taxable to regulatory approvals and spouse rollout plans. It says it is moving with Uber connected those efforts.

For 2025, the institution recorded a nett nonaccomplishment attributable to shareholders of 3.46 cardinal yuan, up from 3.21 cardinal yuan the anterior year. Revenue climbed 82.1% twelvemonth implicit twelvemonth to scope 2.41 cardinal yuan.

The IPO adds to a broader rebound successful Chinese exertion listings. AI-linked and automation-focused newcomers person helped propulsion Hong Kong's IPO marketplace to multi-year highs. Pony AI and WeRide are among the autonomous-driving peers that preceded Momenta onto the Hong Kong exchange.