Baillie Gifford, GIC Are Said to Buy Shares in MiniMax’s $619 Million Hong Kong IPO

Investment firm Baillie Gifford and Singapore’s sovereign wealth fund GIC Pte are among those buying shares in MiniMax Group Inc.’s much-awaited HK$4.8 billion ($619 million) initial public offering in Hong Kong, according to people familiar with the matter.

The Chinese artificial-intelligence firm’s IPO, which was priced at the top of its marketed range, saw institutional investors bid for more than 70 times the shares available for them, excluding the cornerstone tranche, the people said, asking not to be identified discussing a private matter. The deal received more than 460 bids from institutions, they said.