The global leader in physics AI, MOMENTA-W (HKEX: 06880), experienced active after-hours trading on July 7th. The stock opened slightly higher and ultimately closed at HK$294.6, with trading volume surpassing HK$1.72 billion. The company is scheduled for its official listing on the Hong Kong Stock Exchange on July 8th (Wednesday).
The market response to the offering was highly enthusiastic. The public offering segment was oversubscribed by 413.6 times. The international placement segment attracted institutional orders exceeding HK$1 trillion, covering sovereign and long-term funds from 15 countries and regions, resulting in an overall oversubscription (excluding cornerstone investors and before the greenshoe option) of approximately 44 times.
MOMENTA-W set its final offer price at HK$295.6 per share. Assuming the full exercise of the over-allotment option (greenshoe), the global offering involves approximately 22.93 million shares, raising total proceeds of about HK$6.8 billion.
MOMENTA-W assembled a prestigious group of 14 cornerstone investors for its IPO, with total cornerstone commitments reaching around HK$3.0 billion (approximately US$376 million). This group includes Singapore's GIC, Fidelity International, BlackRock, Oaktree Capital, Franklin Templeton, Mercedes-Benz, BYD, GigaDevice, Gaorong Capital, Boyu Capital, China Asset Management, GF Fund Management, China Pacific Insurance, and Suzhou Mosu.
Beyond the 14 primary cornerstone investors, numerous other major institutions also participated in the offering. These included China Investment Corporation (CIC), Abu Dhabi Investment Authority (ADIA), Canada Pension Plan Investment Board (CPPIB), Wellington Management, Schroders, Temasek, J.P. Morgan Asset Management, T. Rowe Price, Barings, Pictet, Goldman Sachs Asset Management, UBS Asset Management, abrdn, Oman Investment Authority (OIA), Dragoneer, Janus Henderson, Amundi, Deka Investment, DWS Group, and Union Investment.
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