March 5 — In accordance with individuals accustomed to the matter, autonomous driving know-how firm Momenta has confidentially submitted an preliminary public providing (IPO) utility in Hong Kong, aiming to affix a current wave of know-how listings within the metropolis.
Sources stated Momenta is at the moment working with China Worldwide Capital Company (CICC) and Deutsche Financial institution to advance its itemizing plan. The corporate has additionally held a number of conferences with potential traders in current weeks to gauge early market curiosity within the IPO.
The providing is predicted to lift at the least $1 billion, in accordance with individuals accustomed to the discussions. Nonetheless, the plan stays underneath negotiation, and the ultimate fundraising dimension has not but been decided. Extra funding banks can also be part of the underwriting syndicate.
A Momenta spokesperson acknowledged that market rumors a couple of potential itemizing have circulated for a while, emphasizing that the corporate stays targeted totally on enterprise improvement relatively than capital market actions. Deutsche Financial institution declined to remark, whereas CICC didn’t reply to requests for remark.
Sources beforehand revealed that Momenta had thought-about itemizing in america and confidentially filed for an IPO in 2024. On the time, the corporate labored with China Worldwide Capital Company (CICC), Goldman Sachs, and UBS on the plan, however the submitting later expired.
In 2021, Basic Motors invested $300 million in Momenta to speed up the event of autonomous driving know-how for its autos in China. Based in 2016 by a bunch of AI engineers from Microsoft Analysis Asia, Momenta was valued at over $5 billion in its most up-to-date funding spherical final 12 months.
Different automotive trade traders embody Mercedes-Benz Group, SAIC Motor, and Toyota Motor Company. Institutional traders corresponding to Temasek Holdings and Yunfeng Capital, based by Jack Ma, have additionally participated in funding rounds.
Momenta has moreover partnered with Uber Applied sciences to develop Robotaxi companies and has established a collaboration with Seize Holdings.
Supply: IThome
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