Self-driving firm Momenta opens $752mn Hong Kong IPO

Momenta is heading to the public markets. The self-driving software firm has opened its Hong Kong IPO, seeking up to $752mn to pour into AI research and robotaxis. The Momenta IPO would value the GM-backed company at close to $9bn.

The Suzhou-based company started taking investor orders this week under stock code 6880. It is selling about 19.9 million shares at HK$295.60 each, raising up to HK$5.9bn, or roughly $752mn, Reuters reported. At the top of the range, the float would value Momenta at nearly $9bn.

It is one of the bigger tech listings to test Hong Kong’s reviving IPO market this year.

What Momenta does

Momenta builds the software that lets cars drive themselves. It sells two things: mass-market driver-assist systems, and full self-driving for robotaxis. The first earns money today and helps fund the second.

The customer list is striking. Momenta says it works with 24 leading carmakers,...

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