Hong Kong IPOs: market shows glimmer of revival as three solid debuts in a week raise US$111 million

Investor appetite for new share listings in Hong Kong shows signs of improvement amid a market rebound, with a series of recent IPOs (initial public offerings) registering strong performance – albeit on a small scale compared with the blockbuster deals the market is accustomed to.

Autostreets Development, a used-car dealer based in Shanghai, saw its stock price surge as much as 66 per cent from the offering price on its first day of trading on Friday, before closing up 27 per cent at HK$12.94. The IPO raised HK$153 million (US$19.6 million), with oversubscription of 433.34 times by local investors and 0.98 times by global funds, according to a stock exchange filing on Thursday.

Source: TRADE FINANCE