Investors splurge $135b on 18 IPOs

Business | Avery Chen and Bloomberg 3 Jul 2020

Retail investors placed more than HK$135 billion in orders for 18 initial public offerings through margin financing as of yesterday, data from local brokers showed.

The best performer was mainland ophthalmology firm Ocumension Therapeutics, which attracted more than HK$90 billion in margin financing orders, meaning its retail portion will be at least 580 times oversubscribed.

E-cigarette maker Smoore International, which attracted at least HK$30 billion in retail orders, reportedly plans to price its flotation at the top of the indicative price range to raise HK$7.12 billion.

Singapore-based cleaning service provider Hygieia rose as much as 26 percent in the gray markets last night, after pricing its deal at HK$0.25 apiece, the lower end of the marketed price range.

PwC projects Hong Kong to raise between HK$230 billion to HK$260 billion this year, with four to six secondary listings in the second half, helping it secure a global top-three market spot.

Separately, the Chinese company behind the fast-growing Perfect Diary cosmetics has picked Goldman Sachs and Morgan Stanley to prepare for a potential IPO, Bloomberg reported.

Guangzhou Yatsen E-Commerce aims to raise US$400 million (HK$3.12 billion) to US$500 million in an offering that could happen as soon as the end of this year, the people said. It has been considering Hong Kong among potential listing venues though no final decision has been made, they said.

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