Key Takeaways:
- Momenta-W closed at $299 in gray market trading, up 1.2% from the listing price
- The stock opened flat at $295.6 with turnover of $172.47 million on Futu
- The autonomous driving company will begin Main Board trading on July 8
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Momenta-W trades mixed in gray market before $295.6 HK debut
Momenta-W (06880.HK) opened flat at $295.6 on the gray market before closing at $299, up 1.2% from the listing price, according to PhillipMart data, as the autonomous driving company prepares for its Main Board debut on July 8.
"Gray market trading reflects initial demand ahead of the formal listing," Kevin Ip, analyst at Edgen, said. "The mixed session suggests investors are still calibrating fair value for the company."
Futu data showed the stock opened flat at $295.6 on volume of 579,880 shares and turnover of $172.47 million, with a book loss of $20 per board lot of 20 shares excluding handling fees. PhillipMart data recorded a session high of $325.4 and a low of $258, with volume of 458,000 shares and turnover of $136 million, producing a book gain of $68 per board lot.
The pricing gives Momenta an enterprise value that will be tested when regular trading begins. First-day trading on July 8 will gauge institutional demand for the autonomous driving technology company in Hong Kong's Main Board market.
This article is for informational purposes only and does not constitute investment advice.
