Razer Raises $528M in Hong Kong IPO

Razer shares jump more than 30% in Hong Kong debut as investors embrace 'new economy&apos IPOs

Razer shares jump more than 30% in Hong Kong debut as investors embrace 'new economy&apos IPOs

Razer said last week it raised about HK$3.9 billion ($500 million), excluding underwriting and other expenses, after pricing the IPO of 1.063 billion primary shares near top of the HK$2.93-HK$4.00 range.

Shares in Razer Inc, backed by Intel Corp and Hong Kong billionaire Li Ka-shing, surged as much as 42 percent in their Hong Kong stock market debut on Monday, amid growing retail demand for new technology stocks.

Shares of Razer, which is best known for its gaming laptops and computer mice, traded at HK$5.37 ($0.69) by 9:33 a.m. HK/SIN, more than 30 percent above the company's issue price.

The company said last week it had shifted 425.4 million shares from the institutional to retail tranche of its initial public offering for a 50-50 split after the latter portion was 291 times oversubscribed. Cornerstone investors included Singaporean sovereign wealth fund GIC, Chinese real estate company Kingkey Enterprise Holdings, and the Hartono brothers who run Indonesia's Djarum Group conglomerate.

Razer CEO Min-Laing had previously stated that going public would give the peripheral maker a "war chest" to make further investments in research and development.