Pop Mart celebrates listing in Hong Kong
The company’s shares opened 100% higher in its Hong Kong stock market debut
Stocks impacted: Pop Mart International Group Ltd (9992)
Pop Mart raised $676 million in an initial public offering in Hong Kong on Friday which gave the company a valuation of $7 billion ahead of the trading debut. The company priced its IPO shares at HK$38.50 in the deal. The Chinese toymaker shares opened 100% higher in its Hong Kong stock market debut. Pop Mart's shares were priced at the top of the range flagged by the company. Cornerstone shareholders were absent as the firm was confident of a high level of investor interest. According to Pop Mart documents, the institutional portion of the deal was 44 times covered while the retail component was 356 times oversubscribed. The company now distributes its products in 21 countries outside China.
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