Chinese bubble tea chain Gu Ming’s new share sale has received bids worth at least HK$778 million on the first day from retail investors for its listing in Hong Kong, 4.93 times on the offer.
It is offering shares in a price range between HK$8.68 and HK$9.94, with a minimum investment of HK$4016.10 per lot for 400 shares.
It plans to raise up to HK$1.58 billion in the IPO. Gu Ming's cornerstone investors include Huang River Investment, which is wholly owned by Tencent (0700), and LVC, a private equity firm that backs NetEase Cloud Music (9899).
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