English
Back
Open Account
2026 IPO bonanza! Over 90% of new stocks rose on their debut
牛牛新股君
joined discussion · Jan 9 09:36

IPO Pricing | “Global Leading AI Large Model Company” MINIMAX-WP Goes Public Today, Oversubscribed by Over 1837 Times, Priced at HKD 165 Per Share

Futu News reported on January 9th, $MINIMAX-W (00100.HK)$ The allotment results were announced, with the per-share price set at HKD 165. A total of 29.2 million shares were issued, with each lot consisting of 20 shares. The stock officially listed today.
In the last trading session, MiniMax's grey market closed up 24.61% at HKD 205.6 per share, with each lot containing 20 shares. Excluding handling fees, a one-lot gain amounted to HKD 812.
During the public offering phase, MiniMax received subscriptions 1,837.17 times the number of shares offered. The final number of shares available for public offering was 5.08 million, representing approximately 17.4% of the total shares offered. A total of about 417,600 valid applications were received, and around 104,900 applications were processed. The approximate percentage of shares allocated for a one-lot subscription out of the total applied shares was 2.81%.
Furthermore, during the international placement phase, MiniMax received subscriptions 36.76 times the number of shares offered. The final number of international placement shares was 24.12 million, accounting for 82.6% of the total shares offered. Futu News has compiled the relevant data in the table below.
Futu News reported on January 9th, $MINIMAX-W (00100.HK)$ The allotment results were announced, with the per-share price set at HKD 165. A total of 29.2 million shares were issued, with each lot consisting of 20 shares. The stock officially listed today. In the last trading session, MiniMax's grey market closed up 24.61% at HKD 205.6 per share, with each lot containing 20 shares. Excluding handling fees, a one-lot gain amounted to HKD 812. During the public offering phase, MiniMax received subscriptions 1,837.17 times the number of shares offered. The final number of shares available for public offering was 5.08 million, representing approximately 17.4% of the total shares offered. A total of about 417,600 valid applications were received, and around 104,900 applications were processed. The approximate percentage of shares allocated for a one-lot subscription out of the total applied shares was 2.81%. Furthermore, during the international placement phase, MiniMax received subscriptions 36.76 times the number of shares offered. The final number of international placement shares was 24.12 million, accounting for 82.6% of the total shares offered. Futu News has compiled the relevant data in the table below. Company Profile MiniMax is a globally leading general artificial intelligence technology company. It has independently developed a series of multimodal general large models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which have capabilities such as code generation and Age...
Futu News reported on January 9th, $MINIMAX-W (00100.HK)$ The allotment results were announced, with the per-share price set at HKD 165. A total of 29.2 million shares were issued, with each lot consisting of 20 shares. The stock officially listed today. In the last trading session, MiniMax's grey market closed up 24.61% at HKD 205.6 per share, with each lot containing 20 shares. Excluding handling fees, a one-lot gain amounted to HKD 812. During the public offering phase, MiniMax received subscriptions 1,837.17 times the number of shares offered. The final number of shares available for public offering was 5.08 million, representing approximately 17.4% of the total shares offered. A total of about 417,600 valid applications were received, and around 104,900 applications were processed. The approximate percentage of shares allocated for a one-lot subscription out of the total applied shares was 2.81%. Furthermore, during the international placement phase, MiniMax received subscriptions 36.76 times the number of shares offered. The final number of international placement shares was 24.12 million, accounting for 82.6% of the total shares offered. Futu News has compiled the relevant data in the table below. Company Profile MiniMax is a globally leading general artificial intelligence technology company. It has independently developed a series of multimodal general large models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which have capabilities such as code generation and Age...
Futu News reported on January 9th, $MINIMAX-W (00100.HK)$ The allotment results were announced, with the per-share price set at HKD 165. A total of 29.2 million shares were issued, with each lot consisting of 20 shares. The stock officially listed today. In the last trading session, MiniMax's grey market closed up 24.61% at HKD 205.6 per share, with each lot containing 20 shares. Excluding handling fees, a one-lot gain amounted to HKD 812. During the public offering phase, MiniMax received subscriptions 1,837.17 times the number of shares offered. The final number of shares available for public offering was 5.08 million, representing approximately 17.4% of the total shares offered. A total of about 417,600 valid applications were received, and around 104,900 applications were processed. The approximate percentage of shares allocated for a one-lot subscription out of the total applied shares was 2.81%. Furthermore, during the international placement phase, MiniMax received subscriptions 36.76 times the number of shares offered. The final number of international placement shares was 24.12 million, accounting for 82.6% of the total shares offered. Futu News has compiled the relevant data in the table below. Company Profile MiniMax is a globally leading general artificial intelligence technology company. It has independently developed a series of multimodal general large models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which have capabilities such as code generation and Age...
Company Profile
MiniMax is a global leading general artificial intelligence technology company. The company has independently developed a series of multi-modal general large models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which possess coding and agent capabilities as well as long-context processing abilities. These models can understand, generate, and integrate various modalities such as text, audio, images, video, and music. Based on these proprietary models, the company has launched a series of AI-native products globally, including MiniMax Agent, Conch AI, MiniMax Audio, Xingye, and an open platform for enterprises and developers.
MiniMax’s AI-native product portfolio has attracted a vast user base, with average MAU growing over sixfold from 3.1 million in 2023 to 19.1 million in 2024, further increasing to 27.6 million for the nine months ended September 30, 2025. As of September 30, 2025, MiniMax had over 212 million individual users across more than 200 countries and regions, as well as over 130,000 enterprise customers in more than 100 countries.
Financial Overview
In terms of financial performance, MiniMax's revenue increased by 174.7% from USD 19.454 million for the nine months ended September 30, 2024, to USD 53.437 million (approximately RMB 376 million) for the same period in 2025. Revenue in 2023 was USD 3.46 million, and revenue in 2024 was USD 30.523 million.
Futu News reported on January 9th, $MINIMAX-W (00100.HK)$ The allotment results were announced, with the per-share price set at HKD 165. A total of 29.2 million shares were issued, with each lot consisting of 20 shares. The stock officially listed today. In the last trading session, MiniMax's grey market closed up 24.61% at HKD 205.6 per share, with each lot containing 20 shares. Excluding handling fees, a one-lot gain amounted to HKD 812. During the public offering phase, MiniMax received subscriptions 1,837.17 times the number of shares offered. The final number of shares available for public offering was 5.08 million, representing approximately 17.4% of the total shares offered. A total of about 417,600 valid applications were received, and around 104,900 applications were processed. The approximate percentage of shares allocated for a one-lot subscription out of the total applied shares was 2.81%. Furthermore, during the international placement phase, MiniMax received subscriptions 36.76 times the number of shares offered. The final number of international placement shares was 24.12 million, accounting for 82.6% of the total shares offered. Futu News has compiled the relevant data in the table below. Company Profile MiniMax is a globally leading general artificial intelligence technology company. It has independently developed a series of multimodal general large models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which have capabilities such as code generation and Age...
Use of Proceeds
Regarding the use of proceeds, MiniMax's global offering netted approximately HKD 4.596 billion (based on the offer price of HKD 165). According to the prospectus, MiniMax plans to allocate the funds raised from the global offering for the following purposes:
Approximately 90% will be used for the company’s R&D over the next five years, including developing the company’s large models and AI-native products. Specifically, (i) approximately 70% will be allocated to large model R&D over the next five years; and approximately 20% will be used for the development, improvement, and global scaling of AI-native products over the next five years. Approximately 10% will be allocated to working capital and general corporate purposes.
The golden season for subscribing to new stocks has arrived! Use Futu to subscribe to new stocks with 0 interest, 0 handling fees, and 0 cash subscription. Participate now for a chance to waive new stock subscription fees for one year!Come and experience it now >>
Futu News reported on January 9th, $MINIMAX-W (00100.HK)$ The allotment results were announced, with the per-share price set at HKD 165. A total of 29.2 million shares were issued, with each lot consisting of 20 shares. The stock officially listed today. In the last trading session, MiniMax's grey market closed up 24.61% at HKD 205.6 per share, with each lot containing 20 shares. Excluding handling fees, a one-lot gain amounted to HKD 812. During the public offering phase, MiniMax received subscriptions 1,837.17 times the number of shares offered. The final number of shares available for public offering was 5.08 million, representing approximately 17.4% of the total shares offered. A total of about 417,600 valid applications were received, and around 104,900 applications were processed. The approximate percentage of shares allocated for a one-lot subscription out of the total applied shares was 2.81%. Furthermore, during the international placement phase, MiniMax received subscriptions 36.76 times the number of shares offered. The final number of international placement shares was 24.12 million, accounting for 82.6% of the total shares offered. Futu News has compiled the relevant data in the table below. Company Profile MiniMax is a globally leading general artificial intelligence technology company. It has independently developed a series of multimodal general large models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which have capabilities such as code generation and Age...
Editor/Afina
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
Thumbs Up
9
338K Views
Report
Comments
Write a Comment...
9
1