Momenta Raises $752 Million in Hong Kong IPO

Momenta, a Chinese autonomous-driving firm, is set to begin trading in Hong Kong on Wednesday after raising $752 million in an IPO. The company priced shares at the top of the marketed range, according to people familiar with the matter. The offering marks one of the larger technology listings in the city this year.

Momenta sold 108 million shares at HK$54.80 each.

The final price values the company at roughly $5.3 billion. Proceeds will fund research, development, and commercialization of its driver-assistance systems. The firm has yet to reach profitability.

The listing comes as Hong Kong seeks to attract more technology issuers after several years of subdued activity. Several other Chinese tech companies have filed for listings in the city in recent months. Investors will watch trading volumes and price movement closely in the first days after the debut to gauge sentiment toward unprofitable growth companies.