Hong Kong's largest licensed digital asset exchange operator, HashKey Holdings Limited, completed its IPO subscription last week. According to reports cited by Bloomberg from informed sources, the company priced its shares at 6.68 HKD, close to the upper limit of the offering price, successfully raising approximately 1.6 billion HKD (about 206 million USD).
Insiders pointed out that HashKey's IPO offered a total of 240.6 million shares, with the offering price ranging from 5.95 to 6.95 HKD, and the final pricing approached the ceiling, indicating strong confidence from investors.
It is reported that HashKey has a greenshoe option allowing for an additional 30% of shares to be issued, but the company did not exercise the over-allotment option; otherwise, the fundraising amount could have increased further.
Overall, investor subscription demand reached several times the issuance amount, with the top 20 institutional investors receiving about 80% of the institutional placement (excluding cornerstone investors).
HashKey's IPO performance is seen as a bellwether for assessing the effectiveness of Hong Kong's push to become a 'digital asset hub'. This IPO coincides with a recovery period in Hong Kong's new stock IPO market, with total fundraising this year expected to reach a four-year high, and HashKey is one of the main drivers of this wave.
What is even more remarkable is that HashKey's debut takes place at a challenging time in the cryptocurrency market. Bitcoin has recently retraced nearly 30% after reaching an all-time high in October this year. Achieving a high-end pricing in such adverse conditions is indeed commendable.
HashKey is expected to officially list on the Hong Kong Stock Exchange on December 17. This IPO is co-sponsored by JPMorgan and Guotai Junan.
This article is reprinted with permission from: (Block Tempo)
Original title: ((Bloomberg): HashKey's Hong Kong IPO priced at 6.68 HKD, raising 1.6 billion HKD)
Original author: Block Girl MEL
‘Going public amidst headwinds still draws attention, HashKey IPO priced at 6.68 HKD, raising over 200 million USD!’ This article was first published in ‘Crypto City’
