HONG KONG--Fuyao Glass Industry Group (3606.HK), which raised US$951 million in an initial public offering in Hong Kong after pricing the deal at the high end of a price range, opened higher at HK$18.72 in its trading debut Tuesday.
The Shanghai-listed car-window maker, whose customers include General Motors Co., found fans among investors, especially retail investors, who were attracted by its position as a leading automotive glassmaker with a track record of more than 20 years.
The retail tranche of its IPO, which accounted for 17.5% of the offer, was 44 times oversubscribed, Fuyao said a statement Monday. The remaining 82.5% of shares were sold to institutional investors.
Shares of Fuyao were trading at HK$19.30 each at 0149 GMT, compared to the IPO price of HK$16.80. The broader Hang Sang Index was up 0.4%
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