Alibaba, Abu Dhabi to invest in MiniMax’s $600M IPO, Bloomberg reports

Chinese AI startup MiniMax has secured Alibaba (BABA) and Abu Dhabi Investment Authority as key backers in its upcoming initial public offering in Hong Kong, according to people familiar with the matter, Bloomberg’s Dave Sebastian and Luz Ding report. MiniMax is seeking to raise more than $600M from the IPO, according to the people. It is set to start taking investor orders as early as Wednesday for a listing in January, some of them said. In addition to the Abu Dhabi sovereign wealth fund and Alibaba, IDG Capital, Perseverance Asset Management, and South Korea’s Mirae Asset will be among the cornerstone investors in the deal, the people said.