Shares of assembly character toymaker Bloks Group Ltd. (0325.HK) surged in their Hong Kong trading debut on Friday, opening up 82% at HK$109.60. The shares later gave back some of the gains but were still up nearly 50% late in the morning session.
The company sold approximately 27.74 million shares in the offering for HK$60.35 apiece, representing the top of their range. The Hong Kong portion of the share sale was oversubscribed by about 6,000 times, while the international placement was also oversubscribed by 37.6 times.
Bloks produces assembly character toys based on IP licensing agreements. Its three largest series are based around the Ultraman, Transformers and Hero Infinity IPs. Its revenue in the first half of 2024 totaled 1.05 billion yuan ($138 million), up 238% year-on-year. However, it still recorded a loss of about 260 million yuan for the period.
By Lau Chi Hang
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