Global Market: Momenta Global debuts nearly flat in Hong Kong after $751 million IPO

Hong Kong-based autonomous driving software firm Momenta Global raised $751 million in its IPO, with shares opening at HK$301 against the offer price of HK$295.60, briefly hitting HK$314.80 before easing to about HK$299 as investors grew selective on AI and technology valuations. The offering attracted prominent cornerstones including BlackRock, GIC, Fidelity International, Oaktree, Franklin Templeton, Mercedes-Benz and Boyu Capital, and the company plans to deploy around 60 percent of proceeds toward R&D, 20 percent for robotaxi services, and the balance for mass-produced vehicles and working capital. Its driver-assistance software is deployed in over 680,000 vehicles by end-2025 across partners including Toyota, BYD, SAIC Motor, General Motors, Audi and Mercedes-Benz.