Momenta,a start-up in autonomous driving tech,set for big market debut after pulling in major investor interest. Nearly 210,000 subscription requests came in for its offering,valued at HK$5.89 billion (about US$751 million). Bookbuilding wrapped Friday.
Set to hit stock exchange this Wednesday,Suzhou-based firm will issue around 19.94 million shares priced at HK$295.60 (US$38) each. Noteworthy event: only second time this year major Hong Kong market player got Beijing's green light for public listing. Post-listing,Momenta's market value should hit around HK$69.63 billion.
In China's auto industry,where challenges are many,Momenta's hefty backing shows big demand for innovation. Offering coincides with closing of five other firms' fundraising same day, including Reconova Technologies (AI), Yikong Zhijia Technology (autonomous mining),Dongfang Kemai (e-paper), Baogai New Materials (polymer-composite covers),and Basic Semiconductor from Shenzhen.
Momenta's funding haul shows investor confidence in autonomous driving's promise,even in shaky markets. But will this optimism hold in such a volatile field…
