Momenta Global (HKG:6880) launched its Hong Kong initial public offering on Monday, seeking to raise about HK$5.89 billion.

The autonomous driving technology company is offering 19.9 million shares at an offer price of HK$295.60 each, according to a Hong Kong bourse filing.

The offering comprises 2 million shares for Hong Kong investors and 17.9 million shares for international investors, subject to reallocation and the over-allotment option.

Allocation results are due on July 7, ahead of the company's planned trading debut on July 8.

Net proceeds will be used primarily to enhance the company's core autonomous driving technologies through research and development, including investments in AI computing and data storage capacity, proprietary algorithms, and research talent.

The company also plans to use the funds to accelerate the commercialization of its robotaxi business, strengthen its mass-produced vehicle solutions, and for working capital and general corporate purposes.

The offering has attracted 14 cornerstone investors, including GIC, Fidelity International, BlackRock, Mercedes-Benz, Oaktree, Franklin Templeton, Boyu, and ChinaAMC (HK), which have agreed to subscribe for shares totaling $375.8 million.

China International Capital Corporation Hong Kong Securities and Deutsche Bank are serving as joint sponsors, sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers, according to the prospectus.