GM-Backed Self-Driving Firm Momenta Said to File for IPO in US

Pei Li, Bloomberg News

(Bloomberg) -- Chinese self-driving firm Beijing Momenta Technology Co. has filed confidentially for an initial public offering in the US, according to people familiar with the matter.

Momenta is working with China International Capital Corp., Goldman Sachs Group Inc. and UBS Group AG on a potential listing that may happen as early as this year, the people said, asking not to be identified discussing a private matter. It could raise $200 million to $300 million from the share sale, the people said.

Deliberations are ongoing and the Chinese company may decide against an IPO in the US, the people said. Representatives for Momenta, Goldman Sachs and UBS declined to comment, while CICC didn’t respond to requests for comment.

Read More: Momenta Raises $200 Million in Self-Driving Cars Push

Momenta was also said to be considering an IPO in the US or Hong Kong earlier last year, at the time aiming to raise as much as $1 billion.

The company was founded in 2016 by a team of artificial intelligence engineers from Microsoft Research Asia, and its backers include General Motors Co., Temasek Holdings Pte and IDG Capital. Momenta has also raised money from investors including SAIC Motor Corp. and billionaire Jack Ma’s Yunfeng Capital.

GM obtained a permit in August to test autonomous driving electric vehicles in designated zones in Shanghai using Momenta technology.

--With assistance from Linda Lew.