Shares of APT Electronics, a Chinese lighting devices supplier, skyrocketed on their first trading day in Hong Kong, surging as much as 53.19% in an explosive opening session fueled by overwhelming investor demand for the company's recently concluded initial public offering (IPO).
The electrical products manufacturer had priced its IPO at HK$3.61 per share, raising net proceeds of HK$82.3 million. However, the public offering tranche was oversubscribed by a staggering 5,678 times, while the institutional tranche saw demand exceed supply by nearly 7 times, indicating immense investor appetite for the company's shares.
Reflecting this robust demand, APT Electronics opened at HK$4.20 on Friday, representing a 16% premium over its IPO price. The stock's rally intensified as the session progressed, with shares surging as high as 30.75% above the IPO price in mid-morning trading before closing the day at HK$5.53, up an impressive 53.19%.
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