Chinese autonomous driving technology company Momenta has confidentially filed for an initial public offering (IPO) in Hong Kong.
Bloomberg It is reported that the company is working with China International Capital Corporation (CICC) and Deutsche Bank for the planned listing.
The company may raise at least $1 billion through an IPO, although discussions are ongoing and no final decision has been made.
The report added that Momenta is holding meetings with potential investors to gauge initial interest in the offering.
Additional banks can also be brought into the deal at a later stage.
Momenta has previously listed in the US and confidentially filed for an IPO in 2024.
At the time, it was working on applications with CICC, Goldman Sachs Group and UBS Group, which has since disappeared.
The company is backed by several investors, including General Motors and Tencent Holdings.
General Motors announced a $300 million investment in Momenta by 2021 to support the development of self-driving technology for its vehicles in China.
Founded in 2016 by a group of artificial intelligence engineers from Microsoft Research Asia, Momenta was valued at over $5 billion during a funding round last year.
Its other backers from the automotive sector include Mercedes-Benz, SAIC Motors and Toyota Motor, along with investors such as Temasek Holdings and Jack Ma Yunfeng Capital.
The company also maintains partnerships with Uber Technologies, along with robotics projects and Grab Holdings.
Recently, Mercedes-Benz and Momenta expanded their collaboration after launching the all-electric CLA in China.
Their partnership focuses on implementing advanced driving and parking technologies designed for the country’s densely populated urban environments.
Automatic only Momenta has been contacted for comment.
“Momenta Files for Hong Kong IPO – Report” was originally created and published by Just Auto, a brand owned by Global Data.
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