Electricity-distribution equipment maker Boer Power Holdings yesterday sparked strong investor interest and gained 13.64 per cent above its offer price on its trading debut.
The retail tranche of the company's offering was more than 340 times oversubscribed.
The deal also attracted water and gas meter maker Wasion Group Holdings and fund manager Value Partners as cornerstone investors, which means they will have their capital locked up for six months following the listing.
Shares of Boer, which raised HK$1.1 billion, rose to as high as HK$7.38, or a gain of 15.7 per cent, before closing at HK$7.25. They were offered at HK$6.38 each.
The company plans to use the proceeds to build a plant in Wuxi, Jiangsu province, to increase production capacity.
Boer's products channel power from local power grids to customers. It serves the infrastructure, construction, telecommunications, water and waste-water processing, cement and health care industries.
