New IPO News | 'Global leader in physical AI' MOMENTA-W launches IPO, scheduled to list on July 8, with a minimum subscription amount of HK$5,971.62 per lot

Futu News, June 29: $MOMENTA-W (06880.HK)$ The company announced that the IPO will be open for subscription from June 29 to July 3. It plans to globally offer approximately 19,938,300 shares, with listing expected on July 8.

Company Overview

MOMENTA is a leading autonomous driving company, at the forefront in both technological advancement and commercial achievements. According to CIC Consulting, whether measured by vehicle sales over the past twelve months ending February 28, 2026, equipped with the company's urban NOA solution, or by the cumulative number of mass-produced vehicle models equipped with its urban NOA solution as of February 28, 2026, the company ranks first globally among all independent intelligent driving solution providers.

The company focuses on developing and commercializing intelligent driving technologies to enhance safety and efficiency in mobility and logistics, primarily through mass-production vehicle solutions and scalable autonomous mobility applications. MOMENTA is currently in the early stages of deploying Level 3/Level 4 autonomous driving solutions and continues to advance toward higher levels of automation. Over the years, the company has achieved a series of industry firsts, redefining the performance boundaries of mass-produced intelligent driving solutions.

Financial Summary

MOMENTA’s revenue increased by 78.4% from RMB 742.7 million in 2023 to RMB 13,247 million in 2024, and further rose by 82.1% to RMB 24,125 million in 2025. Gross profit was RMB 1,301 million, RMB 6,494 million, and RMB 17,268 million in 2023, 2024, and 2025, respectively. Adjusted net loss for the year (a non-IFRS measure) was RMB 10,930 million, RMB 9,592 million, and RMB 3,028 million in 2023, 2024, and 2025, respectively.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, Momenta expects net proceeds of approximately HK$5.615 billion from the global offering (based on an issue price of HK$295.6 per share). According to the prospectus, Momenta intends to allocate the proceeds from the global offering as follows:

Approximately 60% will be used over the next five years to strengthen core research and development, including core algorithms, automated toolchains, and the Momenta Core Platform, to solidify the company's leading position in technological innovation within the intelligent driving industry. Approximately 20% will be allocated to accelerate the commercialization and scale-up of the company’s autonomous ride-hailing service solutions. Approximately 10% will be used to reinforce mass-production vehicle solutions, support next-generation product development, and further deepen long-term collaborations with global automakers. The remaining 10% will be used for working capital and general corporate purposes.