Mercedes, GIC Back Momenta’s $800 Million Hong Kong IPO
Updated
Updated · Bloomberg · Jun 26
Mercedes, GIC Back Momenta’s $800 Million Hong Kong IPO
1 articles · Updated · Bloomberg · Jun 26
Summary
Momenta has secured Mercedes-Benz and Singapore sovereign investor GIC as cornerstone investors for its Hong Kong listing, according to people familiar with the matter.
The Chinese autonomous-driving startup is targeting to raise about $750 million to $800 million and plans to allocate roughly half of the IPO shares to cornerstone investors.
Fidelity International and BlackRock are also in talks to join the cornerstone tranche, potentially broadening institutional support for the deal.
The backing gives Momenta high-profile validation as it pursues one of the larger Hong Kong IPOs tied to autonomous-driving technology.