- As of press time, Momenta's stock price had risen by about 6%, bringing its total market capitalization to 73.6 billion Hong Kong dollars. - Momenta's IPO international offering drew institutional orders exceeding HK$100 billion, while the public offering was oversubscribed 413.6 times. Chinese autonomous-driving company Momenta (HKEX: 6880) rose in its trading debut in Hong Kong on Wednesday, after its initial public offering attracted subscription orders of more than HK$100 billion. The stock opened at HK$301, up about 1.8% from its offer price of HK$295.6, giving it a total market value of about HK$70.9 billion ($9 billion). As of press time, Momenta's gains had widened to 6%, reaching HK$313 per share, with a total market capitalization of HK$73.6 billion. Assuming full exercise of the over-allotment option, Momenta offered about 22.93 million shares globally, raising total proceeds of around HK$6.8 billion. Market enthusiasm ran high. The public offering was oversubscribed 413.6 times, while the international offering drew institutional orders exceeding HK$100 billion. Excluding cornerstone investors (before greenshoe), the international offering was oversubscribed about 44 times, with orders spanning sovereign funds and long-only institutions across 15 countries and regions. The offering assembled a marquee lineup of cornerstone investors. Fourteen cornerstone investors subscribed for a combined roughly HK$3 billion in shares. These investors include Singapore's sovereign fund GIC, asset managers Fidelity International and BlackRock, and automaker Mercedes-Benz Group AG. BYD (HKEX: 1211) and Oaktree Capital also took part. Notably, Mercedes-Benz invested in Momenta as early as 2017, becoming the first international automaker to take a stake in the company. The Suzhou-based company also counts General Motors and Tencent Holdings among its backers. China International Capital Corp and Deutsche Bank served as joint sponsors of the offering. Founded in 2016, Momenta provides autonomous-driving technology for mass-production vehicles and operates a robotaxi service. It