(Bloomberg) -- Bloks Group Ltd., the popular maker of Ultraman and Transformers figurines, raised HK$1.67 billion ($215 million) in Hong Kong, people familiar with the matter said, in a keenly sought-after listing to help kick off the year for initial public offerings in the city. 

Shanghai-based Bloks sold the shares at HK$60.35 apiece — the top of its marketed range — the people said, asking not to be identified because they aren’t authorized to speak publicly. The company also increased the number of shares being offered because of the high demand, according to the people. 

Though the size of the deal wasn’t particularly notable — battery-giant CATL’s proposed listing may fetch more than $5 billion — demand for the stock was, particularly from mom-and-pop investors. Individuals sought around HK$879 billion in margin loans, reflecting more than 6,000 times the number of shares initially reserved for them, according to TradeGo data on the Futubull trading platform.

The popularity of the Bloks IPO comes amid a rally in the shares of Chinese toymaker Pop Mart International Group Ltd. China’s toy market is big enough for Pop Mart, Bloks and others, according to Xiang Xiaotian, a director at Shanghai Chengzhou Investment Management Co. 

Bloks is set to trigger a so-called clawback mechanism to increase allocations to retail investors because of the oversubscription, the people said. Mom-and-pop investors were initially allocated 10% of the IPO shares. 

A representative for Bloks, whose shares are set to start trading on Friday, declined to comment. 

Retail activity is picking up as some brokerages are offering margin loans at low or even zero interest rates. Meanwhile, Hong Kong’s stock exchange is consulting about changing some requirements for IPOs, which could lead to lower allocations to retail investors via the clawback mechanism. 

The mechanism has frustrated Hong Kong’s investment bankers, who argue it leaves them with little stock to allocate to funds when IPOs are in high demand.

--With assistance from Kelly Li.

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