MiniMax Group Expected to Price Hong Kong IPO at Top of Range After Strong Demand

Chinese artificial intelligence startup MiniMax Group is poised to price its initial public offering at the top of its indicated range on January 6 after deal books were oversubscribed multiple times by institutional investors. According to a Bloomberg report released on Monday, January 5, the company expects to set the final price at the peak of its HK$151 to HK$165 per share range. This successful bookbuilding process in Hong Kong HKindicates robust demand for the multimodal AI platform and positions the firm to raise approximately HK$4.19 billion, equivalent to $538 million, by selling 25.4 million shares.

The initial public offering is set to value the company at approximately $6.5 billion upon its conclusion. MiniMax Group originally launched its bookbuilding process on December 31 at a price range of HK$151 to HK$165 per share, and institutional interest has remained high throughout the offer period. The institutional deal books were scheduled to close by 5 p.m. Hong Kongtime on Monday, January 5, ahead of the final pricing scheduled for the following day. Shares are scheduled to make their trading debut on the Hong KongStock Exchange on January 9.