07:27 AM EDT, 10/14/2024 (MT Newswires) -- Alibaba Group ( BABA ) and Baidu ( BIDU ) are backing the Hong Kong initial public offering of Horizon Robotics and have agreed to subscribe for a portion of $220 million in shares, alongside a Ningbo government fund and France's CMA CGM, Bloomberg reported Monday, citing people familiar with the matter.

Horizon Robotics is aiming to raise $800 million in the IPO and a valuation of as much as $6 billion before including the IPO funds, the report said. The Chinese supplier of equipment for autonomous driving systems started gauging interest on Friday and may start taking orders on Wednesday, according to the report.

Details of the IPO may still change, Bloomberg said.

Horizon Robotics, Alibaba ( BABA ) and Baidu ( BIDU ) did not immediately respond to MT Newswires' requests for comment. Attempts to reach CMA CGM and the Ningbo government were not immediately successful.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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