Bloks Group (HKG:0325) raised roughly HK$1.6 billion in net proceeds from its Hong Kong initial public offering after pricing the shares at the upper limit of its indicative price range.
The Chinese toymaker issued a total of 27,738,300 shares at HK$60.35 apiece, the top end of its guidance of as low as HK$55.65 each, according to a Thursday disclosure.
The IPO's initial allocation was 24.1 million shares, but this was increased to 27.7 million after the full exercise of the offer size adjustment option, issuing an additional 3.6 million shares.
The deal's Hong Kong public offering portion was almost 6,000x oversubscribed, prompting Bloks to issue 12.06 million shares, an over fivefold jump from the 2.4 million shares allotted.
The international offering portion was 38.6x oversubscribed, and the firm issued 15.6 million shares.
The Shanghai-headquartered firm secured four cornerstone investors who subscribed to $50 million of IPO shares.
Bloks will debut on the Hong Kong bourse on Friday, Jan. 10.
The deal is a highly sought-after listing expected to set the tone for initial public offerings in the city this year, Bloomberg said in a Wednesday report.
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