Razer raises $500 million with Hong Kong IPO
Successful floatation drives stock up 40%, sells just over one billion shares
Peripherals firm Razer is now listed on the Hong Kong Exchange and its Initial Public Offering has been a success.
The firm offered 1.06 billion primary shares and managed to raise HK$3.9 billion ($500 million), CNBC reports.
This is lower than the $600 million Razer hoped for when it made its preliminary filing back in July, and much lower than the $5 billion some sources suggested, but still in line with what the firm predicted last week ahead of its listing.
Shares initially sold for HK£3.88 ($0.50) each. It's a little short of the maximum of HK$4.00 ($0.51) Razer originally hoped to achieve, but the price soon rose to HK$4.69 ($0.60) - more than 20% higher than the initial price.
As a result, CNBC reports Razer's stock has risen by 40% since its debut on the Exchange.
There were five cornerstone investors, according to Razer's prospectus, including Davinia Investment and Singapore-based wealth fund GIC.
Razer CEO Min-Liang has previously said the money raised from the IPO would be used for the research and development of new products.
Best known for everything from controllers to specialised gaming laptops, the firm has branched out in recent months with the debut of its first smartphone.