US EditionPublished • loading... • Updated
Chinese AI firm MiniMax expected to price Hong Kong IPO at top of range: Report
MiniMax's IPO attracted strong institutional demand, with 95% of shares in the international tranche oversubscribed, potentially raising up to HK$4.8 billion.
- On January 6, MiniMax Group expects to settle its Hong Kong IPO at the top of its range after deal books were oversubscribed, with shares debuting January 9.
- Investor enthusiasm for AI stocks and Beijing’s support helped underpin the offering, with strong demand for Chinese artificial intelligence plays amid the race with the US and PwC estimating up to HK$350 billion raised in Hong Kong IPOs this year.
- Deal documents show MiniMax planned to sell 25.4 million shares at HK$165, raising HK$4.19 billion and valuing the Shanghai-based AI startup at about $6.5 billion.
- Banks closed institutional orders early, stopping them at 5 p.m. on Monday as heavy demand in the international tranche, which accounts for 95 per cent of the offer, could upsize the IPO to HK$4.8 billion.
- The listing joins a wave of Chinese AI and tech IPOs backed by Beijing, with peers Zhipu AI, Shanghai Iluvatar CoreX Semiconductor and Edge Medical expected to raise around HK$9.2 billion.
Insights by Ground AI
Podcasts & Opinions
4 Articles
4 Articles
MiniMax’s Hong Kong IPO set to hit US$538 million amid Chinese AI sector frenzy
MiniMax is set to raise at least HK$4.2 billion (US$537.7 million) by pricing its Hong Kong initial public offering (IPO) at the top of its marketed range, underscoring strong demand for China’s artificial intelligence sector amid an intensifying race with the US. The Shanghai-based firm, backed by Alibaba Group Holding and Tencent Holdings, planned to price its 25.4 million shares on offer at HK$165 each, according to people familiar with the m…
·Hong Kong
Read Full Article
Chinese AI firm MiniMax expected to price Hong Kong IPO at top of range, sources say
Chinese AI startup MiniMax Group is expected to settle its Hong Kong initial public offering at the top of its pricing range, after deal books have been oversubscribed multiple times, three people with knowledge of the situation said on Monday.
·United Kingdom
Read Full ArticleCoverage Details
Total News Sources4
Leaning Left0Leaning Right0Center4Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
Factuality
To view factuality data please Upgrade to Premium
