GM-Backed Self-Driving Company Momenta Readies For US IPO Launch: Report

Auto major General Motors Co GM backed Chinese self-driving company Beijing Momenta Technology Co. has reportedly filed confidentially for an initial public offering (IPO) in the U.S..

Momenta is working with China International Capital Corp., Goldman Sachs Group Inc. GS, and UBS Group AG UBS on a potential listing, with a possible launch as soon as this year, Bloomberg reported, citing sources familiar with the matter.

The IPO aims to raise between $200 million to $300 million through share sales, the report added.

Discussions are ongoing, and the decision to proceed with the IPO in the U.S. is yet to be finalized. 

Also Read: GM Unveils Plans For Autonomous Driving Unit Cruise Relaunch After Hiatus, Expects $1.7B In Expenses

Last year, Momenta was reportedly contemplating an IPO either in the U.S. or Hong Kong, with plans to raise up to $1 billion.

The company, established in 2016 by a group of artificial intelligence engineers from Microsoft Research Asia, boasts backing from entities such as General Motors, Temasek Holdings Pte, and IDG Capital. 

Notable investors include SAIC Motor Corp. and Yunfeng Capital, led by billionaire Jack Ma.

In August, GM secured a permit to conduct tests of autonomous driving electric vehicles in specified areas in Shanghai, employing Momenta’s technology.

Read Next: Goldman Sachs Mulls GM Credit-Card Program Shift To Barclays: Report

Price Action: GM shares are trading higher by 0.53% at $45.10 in premarket at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock