Razer shares rise 41% on Hong Kong market debut

Razer shares jump more than 30% in Hong Kong debut as investors embrace 'new economy&apos IPOs

Razer shares jump more than 30% in Hong Kong debut as investors embrace 'new economy&apos IPOs

The gaming peripherals maker - now based in the USA, but with roots in Singapore - had set its opening share price at HK$3.88 (US$0.50), with a target of raising about $528 million in total. The company said it raised around HK$3.9 billion ($500 million) from the 1.06 billion primary shares offered.

Razer's stock listing comes days after Tencent's e-book unit China Literature Ltd saw its shares surge more than 80 percent in their debut, as Hong Kong investors embrace a rush of tech listings.

The Razer stock opened at around HK$5 on Monday and extended its gains to as much as HK$5.49 in early trade, posting a gain of 41.5 percent compared to its IPO price of HK$3.88 per share and giving it a market value of HK$48.9 billion ($6.3 billion).

The company said last week it had shifted 425.4 million shares from the institutional to retail tranche of its initial public offering for a 50-50 split after the latter portion was 291 times oversubscribed.

Razer CEO Min-Laing had previously stated that going public would give the peripheral maker a "war chest" to make further investments in research and development. The company unveiled its first smartphone last week.

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