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Gaming firm Razer up 18% following Hong Kong IPO

Gaming firm Razer up 18% following Hong Kong IPO
From TechCrunch - November 13, 2017

Razer has continued a winning streak of IPOs from Asian companies after its share price surged as much as 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 of1,063,600,000 shares. After deductions, Razer estimated its take-home to be around $504 million.

The shares closed the day at HK$4.58, up 18 percent on the HK$3.88 list pricean auspicious number in Chinese culture that hit the upper end of Razers 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 shares.

The listing followsthe wildly successful Hong Kong IPO for Tencent-backed China Literature, whichraised over US$1 billionlast week and saw shares jump 86 percent after its first day of trading, and Chinese search engine Sogou which went public on the New York Stock Exchange.

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