Chinese AI startup MiniMax Group is expected to settle its Hong Kong initial public offering at the top of its pricing range, after deal books have been oversubscribed multiple times, three people with knowledge of the situation said on Monday.
MiniMax launched bookbuilding of the IPO on December 31 at a price range of HK$151 to HK$165 apiece.
At the higher end, the company is poised to raise HK$4.19 billion ($538 million) from selling 25.4 million shares. The IPO would value MiniMax at about $6.5 billion.
Founded in early 2022 by former SenseTime executive Yan Junjie, MiniMax develops multimodal AI models, such as MiniMax M1, Hailuo-02, Speech-02 and Music-01, which can process text, audio, images, video and music.
MiniMax is scheduled to price the offering on January 6, but one of the sources said it looks to close bookbuilding for the institutional tranche by 5 p.m. Hong Kong time on Monday. The shares will make their trading debut on January 9.
The company did not immediately reply to a Reuters request for comment. The sources could not be named as the information was confidential.
Bloomberg first reported on Monday the planned IPO price.
Reuters
