Momenta Global Ltd, a leading Chinese autonomous driving start-up, eyes an initial public offering in the United States by the end of this year or the first half of next year, sources said on Wednesday.
Sources who asked to stay anonymous said that the company, with an estimated valuation of approximately $5 billion, aims to get listed in the US as early as the end of this year and no later than the first half of next year.
Momenta, founded in 2016, is an autonomous driving solutions provider that leverages a dual-track product strategy that includes Mpilot, a L2 mass-produced autonomous driving system, and MSD, its fully autonomous L4 and above system.
On Monday, China’s securities regulator said it has approved Momenta’s IPO in the US, as the company plans to issue up to 63,352,856 ordinary shares and list on the Nasdaq Stock Market or the New York Stock Exchange.
Momenta has already secured over 10 mass production projects from automakers, including SAIC’s IM Motors, Lotus, Denza, Yangwang Auto and Avatr.
It has also offered solutions to drive more than 50 vehicle models. Two of such models, developed by BYD Toyota EV Technology Co Ltd and FAW Toyota, are also expected to be mass produced this year.