July 7 (Reuters) – Chinese robotaxi firm Momenta Global said on Tuesday it had priced its Hong Kong listing at the top end of its marketed range, aiming to raise HK$5.89 billion ($751.02 million), joining a wave of tech listings reviving the city’s capital markets.
Here are more details:
• The self-driving technology firm is offering 19.9 million shares at an issue price of HK$295.60 per share, an exchange filing showed.
• It plans to use about 60% of the net proceeds from the offering to boost research and development, including upgrading its artificial intelligence computing power, expanding data storage, and scaling up its engineering team, the firm said in its prospectus.
• Cornerstone investors, or big investors who commit to buy shares before listing, include existing backer Mercedes-Benz, BlackRock funds and China’s Boyu Capital, the company said.
• Momenta, which provides assisted driving solutions to automakers including Toyota and BYD, was founded in 2016 by former Microsoft researcher Cao Xudong.
• Shares of the company will start trading on July 8.
• Hong Kong has been among the top markets for equity fundraising this year, propelled by rising capital demand from technology and manufacturing companies.
• In another exchange filing, industrial tools maker Guangdong Dtech Technology set its offer price at HK$380 per share, aiming to raise HK$4.80 billion.
($1 = 7.8427 Hong Kong dollars)
(Reporting by Keshav Singh Chundawat in Bengaluru; Editing by Diti Pujara)
