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MiniMax IPO Oversubscribed, Aims High
5 Jan
Summary
- MiniMax AI startup plans Hong Kong IPO at top price range.
- The IPO could raise $538 million, valuing the company at $6.5 billion.
- MiniMax develops advanced multimodal AI models processing diverse data.
Chinese AI startup MiniMax Group is poised to finalize its Hong Kong Initial Public Offering (IPO) at the highest end of its pricing range. This strong investor interest follows multiple oversubscriptions of the deal, indicating significant demand for the company's shares.
The company launched its bookbuilding process on December 31, with an initial price range of HK$151 to HK$165 per share. At the upper limit, MiniMax expects to raise HK$4.19 billion ($538 million) by offering 25.4 million shares, a move that would establish its valuation at approximately $6.5 billion.
MiniMax, established in early 2022 by former SenseTime executive Yan Junjie, is known for its development of multimodal AI models. These advanced systems, including M1, Hailuo-02, Speech-02, and Music-01, are designed to process a wide array of data types such as text, audio, images, video, and music. The offering is slated for pricing on January 6, with trading expected to commence on January 9.
