The stock opened at 39.80 Hong Kong dollars per share ($5.14), more than 85% higher than its initial public offering price of 21.50 Hong Kong dollars ($2.77).
Costfoto | Barcroft Media | Getty Imagessurged more than 85% in their debut on the Hong Kong stock market on Tuesday.
The stock opened at 39.80 Hong Kong dollars per share before inching down to around 35.00 Hong Kong dollars . Its initial public offering price was 21.50 Hong Kong dollars , allowing the company to raise around $1.1 billion.that Nongfu Spring was "one of the hottest IPO ever" in the history of Hong Kong's stock market. He pointed out that the IPO was oversubscribed by 1,148 times.
Wong explained that investors are interested in the stock not only for its "fundamentals or its very high profit margin." He added that there has been a general lack of investment opportunity given that valuations of many stocks — especially technology or internet companies — are high.Nongfu Spring sold 388.2 million shares in its IPO deal. Its cornerstone investors include fund manager Fidelity, hedge fund Coatue and Singapore sovereign wealth fund GIC.
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