Mao Geping Cosmetics' shares surged nearly 60% in their Hong Kong trading debut on Tuesday, following the company's successful initial public offering (IPO) that raised HK$2.19 billion ($270 million).
The Chinese beauty firm priced its IPO shares at HK$29.80 each, which was the top end of the indicative price range between HK$26.30 and HK$29.80. The strong demand saw the Hong Kong public offering portion oversubscribed by 919 times, prompting Mao Geping to reallocate shares from the international tranche.
The stellar debut performance reflects investors' optimism towards Mao Geping's growth prospects in China's burgeoning cosmetics market. With the IPO proceeds, the company is expected to strengthen its brand presence and expand its product offerings.
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