Chinese AI startup MiniMax Group is seeking to raise up to HK$4.19 billion ($538.54 million) in a Hong Kong initial public offering, a regulatory filing showed on Wednesday.
In July, Reuters had reported that MiniMax could raise HK$4 billion to HK$5 billion in the IPO, with an overall valuation of the firm at $4 billion.
MiniMax is among the first batch of Chinese artificial intelligence companies to seek a public listing. The rise of DeepSeek, China’s alternative to ChatGPT, this year has boosted investor interest in the domestic AI sector.
Founded in early 2022 by former SenseTime executive Yan Junjie, MiniMax has emerged as one of China’s prominent AI firms during the generative AI boom.
The company develops multimodal AI models, including MiniMax M1, Hailuo-02, Speech-02 and Music-01, which can process text, audio, images, video and music.
The firm is set to offer a total of 25.4 million shares by way of a global offering, with a price range of HK$151.00 to HK$165.00 per offer share.
China International Capital Corp and UBS have been hired as sponsors for the IPO, the filing showed, while Goldman Sachs and Morgan Stanley are overall coordinators alongside the two sponsors.
Reuters
