The Shanghai-based company plans to offer 25.39 million shares globally, with about 5% going to retail investors in Hong Kong and the rest to overseas investors, according to a stock exchange filing on Wednesday.
The filing suggested the shares would be priced at up to HK$165 per share, with a maximum fundraising size of HK$4.19 billion before the greenshoe option.
The company announced that it will begin trading on the Hong Kong Stock Exchange on January 9th under stock code 0100, with pricing scheduled for January 7th. The offering includes a 15% overallotment option, which, if exercised, would further increase the size of the transaction.
Co-sponsors include China International Capital Corporation and UBS, with Goldman Sachs and Morgan Stanley serving as global coordinators.
Founded in 2022 by former SenseTime veteran Yan Junjie, MiniMax develops large-scale multimodal AI models that can process text, audio, images, and video. The company, backed by investors including Alibaba Group Holding Ltd. and Tencent Holdings Ltd., is considered one of China's new generative AI “tigers,” along with rivals such as Zhipu, Baichuan and Moonshot AI, as domestic companies race to close the gap with U.S. leaders such as OpenAI. Alibaba owns the post.
