Momenta Global Ltd. raised $751 million in its Hong Kong initial public offering. The IPO valued the Chinese autonomous driving firm at approximately $9 billion.
Retail investors oversubscribed their portion of the offering more than 400 times. Shares debuted on July 8. The initial offering price was set at HK$295.60.
The stock closed 2.11% below its offer price after a brief opening gain. Investor caution regarding the industry's profitability timeline drove the decline.
Founded in 2016, Momenta develops driver-assistance software and robotaxi technology. Major backers include General Motors, Mercedes-Benz Group, Toyota, and Tencent Holdings.