BRIEF: Mao Geping surges in Hong Kong trading debut
Shares of cosmetics seller Mao Geping Cosmetics Co. Ltd. (1318.HK) surged in their Hong Kong trading debut on Tuesday, opening nearly 60% above their IPO price of HK$29.80. The stock continued to climb during the day and was up nearly 80% at HK$53.30 midway through the afternoon session.
Local appetite for the listing was very strong, with shares reserved for Hong Kong investors oversubscribed by 918 times. The international placement was also oversubscribed by 29 times.
Mao Geping sold approximately 70.59 million shares in the listing, 10% of which were went to local investors in Hong Kong. The company priced the shares at the upper end of their range, raising HK$2.33 billion ($300 million) in gross proceeds.
By Lau Chi Hang
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