Autonomous driving software company Momenta has launched an initial public offering (IPO) on the Hong Kong Stock Exchange, seeking to raise HK$5.9bn ($752m) at HK$295.60 per share.
The offering comprises approximately 19.9 million Class A ordinary shares, split between 1.99 million Hong Kong offer shares and 17.9 million international offer shares, with an over-allotment option in place
The transaction values the company at roughly HK$69.6bn, with net proceeds estimated at HK$5.61bn after underwriting commissions and related expenses. According to the company, shares are due to begin trading on 8 July. Momenta has earmarked roughly 60% of the net proceeds for research and development.
The remainder is to be divided across robotaxi commercialisation and scaled deployment (20%), its mass-produced vehicles business (10%), and working capital and general corporate purposes (10%). Fourteen cornerstone investors, each bound to hold their allocations for at least six months, are collectively acquiring shares worth around $376m. The group includes Singapore’s sovereign wealth fund GIC, Fidelity International, BlackRock, and Mercedes-Benz Group.