Razer has continued a winning streak of IPOs from Asian companies after its share price closed 41 percent up on its first day of trading on the Hong Kong Stock Exchange.
The company, which makes accessories for PC gamers, laptops and is preparing to sell its first smartphone, raised $529 million from the sale of 1,063,600,000 shares. After deductions, Razer estimated its take-home to be around $504 million.
The shares closed the day at HK$4.58, up significantly on the HK$3.88 list price — an auspicious number in Chinese culture that hit the upper end of Razer’s price range.
The offering was massively over-scribed, to the point that Razer restructured the listing to offer more shares to local retail investors in Hong Kong. The final mix was 50-50 between local and global…