Razer's stock listing comes days after Tencent's e-book unit China Literature Ltd saw its shares surge more than 80 percent in their debut, as Hong Kong investors embrace a rush of tech listings.
Shares of Razer, which is best known for its gaming laptops and computer mice, traded at HK$5.37 ($0.69) by 9:33 a.m. HK/SIN, more than 30 percent above the company's issue price. The gaming peripherals maker - now based in the U.S., but with roots in Singapore - had set its opening share price at HK$3.88 (US$0.50), with a target of raising about $528 million in total.
Shares in ZhongAn Online Property & Casualty Insurance Co jumped 18 percent in their debut in September, after the company raised $1.5 billion in Asia´s biggest-ever financial technology IPO.
The company said last week it had shifted 425.4 million shares from the institutional to retail tranche of its initial public offering for a 50-50 split after the latter portion was 291 times oversubscribed. The company, which is headquartered in Singapore and the United States, was founded in 2005 by Min-Liang Tan and Robert Krakoff and has grown from producing a gaming mouse as its initial product to manufacturing laptops worth nearly $4,000.It plans to use the IPO proceeds to develop new verticals in the gaming and digital entertainment industry, including mobile devices, audio visual technology and live-streaming, as well as to fund acquisitions as it expands its ecosystem.
Singapore wealth fund GIC and Davinia Investment are among Razer's five cornerstone investors, the company's prospectus said. The company unveiled its first smartphone last week.