Razer raises $500M from debut on Hong Kong stock exchange

Remigio Civitarese
Novembre 15, 2017

Video game hardware giant Razer has raised roughly $500 million from its debut on the Hong Kong stock exchange.

The stock was set to open at HK$5.12 on Monday, compared to the IPO price of HK$3.88 per share.

Prior to its debut, retail demand for Razer's IPO had exceeded the number of shares offered to the public by 291.24 times, the company said last week. 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. Cornerstone investors included Singaporean sovereign wealth fund GIC, Chinese real estate company Kingkey Enterprise Holdings, and the Hartono brothers who run Indonesia's Djarum Group conglomerate.

Razer CEO Min-Liang told CNBC earlier this year that going public would give the company a war chest to make further investments in research and development, and to develop more new products. It released its first smartphone on November 1.

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