Momenta Global, the Chinese autonomous driving technology company, launched its initial public offering on the Hong Kong Stock Exchange on June 29, targeting up to HK$5.89 billion (roughly $751M) in fresh capital. The offering consists of 19.9 million shares priced at HK$295.60 each, with trading expected to begin on July 8.
Cornerstone investors include Mercedes-Benz, BlackRock, Boyu Capital, Singapore’s sovereign wealth fund GIC, and Fidelity International.
Where the money is going
Momenta plans to funnel 60% of the IPO proceeds into research and development. Another 20% is earmarked for accelerating its Robotaxi services.
Founded in 2016 by Cao Xudong, a former Microsoft researcher, the company develops advanced driver-assistance systems, commonly known as ADAS. Its client list includes Toyota and Audi among the major players using its technology.
