By Gina Lee
Investing.com – Pop Mart International Group Ltd soared in its Hong Kong stock market debut on Friday, with shares in the Chinese toy maker opening 100% higher.
Pop Mart (HK:9992) shares were at HK$70 ($9.03) at 12:25 AM ET (4:25 AM GMT), after opening at HK$77.10.
The company had priced its IPO shares at HK$38.50, at the top of the range in its bookbuild that took place during the previous week. Cornerstone shareholders, a typical feature in Hong Kong IPOs, were absent as both the company and its advisors were confident of a high level of investor interest.
They were proven right, with the deal hotly contested by both institutional and retail investors and raising $676 million for the company. The institutional portion of the deal was 44 times covered while the retail component was 356 times oversubscribed, according to Pop Mart documents lodged with the Hong Kong Exchange.
Pop Mart shares rose 103% on Thursday in grey market trading set by Phillip Securities in Hong Kong ahead of the company’s official debut earlier in the day.
The company’s main product is a ‘mystery’ toy box each containing a single figurine from various collections. The best-selling figurine is the round-faced ‘Molly’ doll.