HONG KONG – Shares in Razer Inc, backed by Intel Corp and Hong Kong billionaire Li Ka-shing, surged as a lot as 42 p.c in their Hong Kong inventory market debut on Monday, amid rising retail demand for brand new know-how shares.
Razer mentioned final week it raised about HK$three.9 billion (381.06 million kilos), excluding underwriting and different bills, after pricing the IPO of 1.063 billion main shares close to prime of the HK$2.93-HK$four.00 vary.
The Razer inventory opened at round HK$5 on Monday and prolonged its beneficial properties to as a lot as HK$5.49 in early commerce, posting a achieve of 41.5 p.c in comparison with its IPO value of HK$three.88 per share and giving it a market worth of HK$48.9 billion .
By 0203 GMT, the inventory was buying and selling at HK$four.74.
The corporate’s robust debut is the newest in a string of stellar listings by technology-based firms in Hong Kong, with robust curiosity from retail traders.
Final week, Tencent’s e-book unit China Literature Ltd noticed its shares surge more than 80 p.c in their debut, as Hong Kong traders embrace a rush of tech listings.
Shares in ZhongAn On-line Property & Casualty Insurance coverage Co jumped 18 p.c in their debut in September, after the corporate raised $1.5 billion (1.14 billion kilos) in Asia’s biggest-ever monetary know-how IPO.
The thrill surrounding such choices bodes properly for anticipated listings from different fintech giants in Hong Kong, together with Alibaba affiliate Ant Monetary and peer-to-peer lending and wealth administration platform Lufax.
Underscoring the demand for know-how points, the retail portion of the Razer IPO gathered demand that was 291.24 instances the variety of 106.36 million shares on supply, the corporate mentioned on Friday.
The corporate, which is headquartered in Singapore and america, was based in 2005 by Tan Min Liang and Robert Krakoff and has grown from producing a gaming mouse as its preliminary product to manufacturing laptops value virtually $four,00zero.
It plans to make use of the IPO proceeds to develop new verticals in the gaming and digital leisure business, including mobile devices, audio visible know-how and live-streaming, in addition to to fund acquisitions because it expands its ecosystem.