GM-Backed Self-Driving Company Momenta Readies For US IPO Launch: Report
Portfolio Pulse from Shivani Kumaresan
General Motors Co (NYSE:GM) backed Chinese self-driving company Beijing Momenta Technology Co. has confidentially filed for a U.S. IPO, aiming to raise $200-$300 million. The IPO is being managed by China International Capital Corp., Goldman Sachs Group Inc. (NYSE:GS), and UBS Group AG (NYSE:UBS), with a potential launch this year. The decision to proceed with the U.S. IPO is still under consideration. GM's shares rose 0.53% in premarket trading.
May 06, 2024 | 10:46 am
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General Motors backs Momenta, which has filed for a U.S. IPO aiming to raise $200-$300 million. GM shares rose 0.53% in premarket trading.
GM's backing of Momenta and the latter's U.S. IPO filing could reflect positively on GM, as it highlights GM's investment in innovative technologies. The premarket share price increase indicates a positive short-term investor response.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Goldman Sachs Group Inc. is working with Momenta on its U.S. IPO filing, aiming to raise $200-$300 million.
Goldman Sachs' involvement in managing Momenta's IPO could enhance its reputation in tech IPOs and potentially lead to financial benefits from the IPO process.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
UBS Group AG is part of the team managing Momenta's U.S. IPO filing, with a fundraising target of $200-$300 million.
UBS's role in Momenta's IPO could positively impact its market position by associating it with a significant tech IPO, potentially leading to financial and reputational benefits.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70