Mercedes and GIC back Momenta autonomous driving IPO as cornerstone investors

Momenta Global Ltd., the Chinese autonomous driving startup, has secured Mercedes-Benz AG and Singapore wealth fund GIC Pte as cornerstone investors for its Hong Kong initial public offering. People with knowledge of the matter said the two firms agreed to participate in the listing. Momenta targets raising 750 million to 800 million dollars from the offering. The company plans to allocate around half of the IPO shares to cornerstone investors. Fidelity International Ltd. and BlackRock Inc. are also in talks to become cornerstone investors, the people said. They asked not to be identified because the information is private.