The initial public offering of MOMENTA-W (HKEX: 06880) has ignited a capital frenzy in the "Physical AI" sector, defying the chill in the Hong Kong IPO market. The subscription data reveals a powerful joint declaration from global capital, betting not just on a single company but on an inflection point for an entire era. The company, a leader in physical AI, announced its final offer price at HK$295.6 per share, raising up to HK$6.8 billion.
Assuming the full exercise of the over-allotment option, the global offering involves approximately 22.93 million shares. Market reception has been exceptionally fervent. The public offering portion was oversubscribed by a staggering 414 times. The international placement portion attracted institutional orders exceeding HK$100 billion, covering sovereign and long-term funds from 15 countries and regions, achieving an oversubscription rate of 44 times excluding cornerstone investments.
An Assembly of Global Long-Term Capital
The list of cornerstone investors for MOMENTA-W reads like a who's who of global long-term capital. It prominently includes Singapore's GIC, Fidelity International, BlackRock, Franklin Templeton, China Investment Corporation (CIC), the Abu Dhabi Investment Authority (ADIA), Canada's CPPIB, Wellington Management, Schroders, Temasek, J.P. Morgan Asset Management, T. Rowe Price, Barings, Pictet, Goldman Sachs Asset Management, UBS Asset Management, Aberdeen Standard Investments, the Oman Investment Authority, Dragoneer, Janus Henderson, Amundi, Deka Investment, DWS Group, and Union Investment, among others.
This cross-border, long-horizon commitment, with cornerstone subscriptions alone exceeding 15 times the offered amount, underscores that MOMENTA-W has transcended the scope of a single enterprise, becoming a consensus choice for global long-term capital in the physical AI era.
Unprecedented Cornerstone Backing
More notably, this IPO assembled a remarkably robust cornerstone investor group of 14 institutions, committing approximately HK$3 billion (about US$376 million). This lineup is rare in recent Hong Kong market listings, combining top-tier international long-term and sovereign funds focused on ultra-long-term value, strategic industrial investors at the highest level, and leading Chinese long-term private equity, mutual funds, and insurance capital.
Specifically, leading international long-term and sovereign funds such as GIC and Fidelity International each committed US$100 million. BlackRock invested US$25 million, Oaktree Capital US$20 million, and Franklin Templeton US$10 million. Strategic industrial investors include global automotive leaders Mercedes-Benz and BYD, investing US$25 million and US$15 million respectively, alongside supply chain partner GigaDevice with a US$6 million commitment.
Leading Chinese long-term capital includes top private equity firms Gaoyi Capital and Boyu Capital, premier mutual fund houses China Asset Management and GF Fund Management, and long-term insurance leader China Pacific Insurance, each committing US$10 million. Other significant Chinese state-owned and institutional investors, such as CIC, Chengtong Holdings, and several major Chinese asset managers and insurers, also participated.
Solid Commercial Progress Underpins Demand
Behind the capital enthusiasm lies MOMENTA-W's tangible progress in the physical world. Concurrently with the IPO pricing, the company announced its mass-production deployment scale has officially surpassed the milestone of one million units. Moving from technological validation to mass-scale commercialization, the company is executing its "One Flywheel, Two Legs" strategy, bringing AI from the digital realm into the real physical world and building a formidable data and commercial loop.
MOMENTA-W is scheduled to commence trading on the Hong Kong Stock Exchange Main Board on July 8 under the stock code 06880. This marks a significant milestone for the company and heralds a new chapter for the global physical AI industry as it transitions from concept to scaled commercial implementation.
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