00100 IPO | MiniMax IPO Subscription Amount HK$333.28

$ MINIMAX-WP (00100.HK) $ The announcement was made that the Company intends to offer approximately 25.3892 million shares worldwide at the IPO on December 31-January 6, which is expected to be listed on January 9, 2026.

MiniMax Company Profile

MiniMax is the world's leading General Artificial Intelligence Technology company. The company independently developed a series of multi-mode general-purpose models, including MiniMax M2, Hailuo 2.3, Speech 2.6 and Music 2.0, Backup Coding and Agent capabilities, as well as longer text processing capabilities, capable of analyzing, generating and integrating multiple modes including text, audio, images, video, and music. Based on this self-research model, the company launched a series of AI products worldwide, including MiniMax Agent, Herringbone, MiniMax Audio, Zodiac, and an open platform for companies and developers.

MiniMax's AI native product matrix has attracted a huge user base, with the average MAU growing more than sixfold from 3.1 million in 2023 to 19.1 million in 2024, and further increasing to 27.6 million in the nine months ended 30 September 2025. As of September 30, 2025, MiniMax already has over 0.212 billion individual users in more than 200 countries and territories and 0.13 million enterprise customers in more than 100 countries.

MiniMax Financial Overview

In terms of financial condition, MiniMax's revenue increased 174.7% from $19.454 million for the nine months ended September 30, 2024 to $53.437 million (approximately RMB 0.376 billion) for the same period in 2025. Revenue in 2023 is $3.46 million and revenue in 2024 is $30.523 million.

Industry Overview

The main pathways in major model applications now include productivity, entertainment, visual generation, audio generation, and common 2B services such as Social Media Content Recommendation System, Chatbot, Smart Personal Assistant, Autonomous Driving System, Intelligent Wind Modeling, AI Assistive Diagnostic.

Once released, MiniMax's model led the way in text, video, and audio modes, ranking first in Artificial Analysis's review list and ranked first among all open source models. According to Insight Consulting, MiniMax is the world's 10th largest large model technology company and the fourth largest pureplay large model technology company in the world by 2024 global model-based revenue.

According to Insight Consulting, the global large model market is still in the early stages of commercialization. On a model-based revenue metric, the global large model market will grow rapidly from US$10.7 billion in 2024 to US$206.5 billion in 2029 at a CAGR of 80.7%. The large model application market size is expected to grow from US$7.1 billion in 2024 to US$151.5 billion in 2029 at a CAGR of 84.3%; meanwhile, the large model MaaS market size is expected to increase from US$3.6 billion in 2024 to US$55 billion in 2029 at a CAGR of 72.7%.

IDC expects AI to collectively contribute $19.9 trillion to the global economy by 2030 and drive global GDP growth of 3.5% by 2030.

MiniMax Cornerstone Investors

Cornerstone investors have agreed to sell a number of shares available for purchase at a total subscription price of approximately $0.35 billion, subject to certain conditions. Assuming an offer price of HK$158.0 (the median of the offer price), the total number of shares to be subscribed for by cornerstone investors will be 17.23512 million shares. Cornerstone investors include:

Abu Dhabi Investment Authority (ADIA), Alisoft China Holding Limited (Alisoft China), Alibaba Group Affiliates, Aspex Master Fund (AMF), Boyu, Hong Kong, EastSpring Investments (Singapore) Limited Eastspring, IDG Breyer Capital Fund L.P., IDG Breyer Capital Fund L.P., Janchor Funds, Martis Fund, L.P., Mirae Asset Securities, MPC VII, Perseverance Asset Management, Thai Life.

Minimax Funding Purposes

For financing purposes, MiniMax expects net proceeds from global sales to be approximately HK$3.8183 billion (assuming no overallotment options are exercised, based on the median of the offering price of HK$158). According to the prospectus, MiniMax intends to use the global IPO for the following purposes:

About 90% will be spent on the company's R&D over the next five years, including the development company's large models and the company's AI native products. Specifically, (i) approximately 70.0% will be invested in the R&D of large models over the next five years; and approximately 20.0% will be devoted to the development, improvement and global scaling of AI native products over the next five years; approximately 10.0% will be allocated to working capital and general corporate use.

Read more:MiniMax Prospectus

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