The IPO market looks set to start 2026 with a bang, with artificial intelligence startup MiniMax Group reportedly drawing heavy demand for its Hong Kong debut.
It is expected to price shares at the top of its range, according to people familiar with the deal.
MiniMax opened its bookbuild on December 31, offering shares between HK$151 and HK$165. At the upper end, the deal would raise $538 million and value the company at around $6.5 billion.
Founded in early 2022 by former SenseTime executive Yan Junjie, the company develops multimodal AI systems that handle text, images, speech, video and music. Its current product line includes MiniMax M1, Hailuo-02, Speech-02 and Music-01.
Final pricing is due on January 6, with trading expected to begin on January 9.