China's Momenta IPO oversubscribed 414 times as Hong Kong listings pack the calendar
Chinese autonomous-driving start-up Momenta drew heavy demand for its HK$5.89 billion (US$751 million) initial public offering in Hong Kong. According to SCMP, the public offering was subscribed 414 times, drawing nearly 210,000 applications, even as five other issuers launched IPOs at the same time. Hong Kong's listing calendar is packed.
Chinese autonomous-driving start-up Momenta attracted strong investor demand for its Hong Kong IPO. According to SCMP, the public tranche of the HK$5.89 billion (US$751 million) offering was subscribed 414 times, drawing nearly 210,000 applications.
The Suzhou-based company's bookbuilding closed on Friday. Momenta drew notable interest even though it competed against five other issuers launching IPOs at the same time.
The strong demand is read as a sign of reviving appetite for listings on the Hong Kong exchange. Analysts say enthusiasm for technology and autonomous-driving themes has packed the city's listing calendar. Actual price performance will be tested once the shares begin trading in the market.
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