Stock Track | Bama Tea (06980) Skyrockets 68% on Hong Kong Debut Following Oversubscribed IPO

Stock Track

Oct 28

Bama Tea (HKG:6980) saw its stock price soar by an impressive 68% during the opening of Tuesday's trading session, marking a spectacular debut on the Hong Kong Stock Exchange. The dramatic rise comes on the heels of the company's highly successful initial public offering (IPO), which garnered significant investor interest.

The premium tea producer priced its IPO at HK$50.00 per share, the top end of the indicative range, reflecting strong demand from investors. Bama Tea raised HK$389.9 million in net proceeds from the offering, which consisted of 9 million H-shares. The Hong Kong public offer portion was particularly notable, being 2,680.04 times oversubscribed, highlighting the intense interest from retail investors.

The enthusiastic market response to Bama Tea's IPO and subsequent stock performance can be attributed to several factors, including the company's strong position in the premium tea market and the overall positive sentiment towards consumer goods stocks in the region. As trading continues, investors and analysts will be closely watching to see if the stock can maintain its momentum in the days and weeks to come.

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