Shanghai-based AI company MiniMax closed 109.9 percent higher at HK$345 ($44.26) per share in Hong Kong on Friday, raising its total market value to HK$106.7 billion on its initial public offering.

The capital raised from the listing will be mainly used for upgrading large models and developing AI products in the next five years, according to Economic Information Daily, a newspaper under Xinhua News Agency, citing sources from MiniMax.

Regarding the capitalization scale, local news outlet Shanghai Observer called MiniMax's IPO the largest ever as an AI large model company.

Founded in 2022, MiniMax has independently researched and developed a series of general large models, including a video generation model and a large-scale open-source reasoning model.

MiniMax boasted more than 212 million individual users across more than 200 countries and regions as of September. The company reported its revenue increased more than 170 percent year-on-year in the first nine months of last year, with overseas markets contributing over 70 percent.

"The true value of an artificial intelligence company lies in continuously providing advanced intelligence for people to use," said Yan Junjie, founder and CEO of MiniMax, during the IPO ceremony.

Yan added that the company would proceed with advancement in intelligence and make a greater contribution to social and economic progress.