Midea’s IPO Takes Hong Kong by Storm: Shares Surge in Record-Breaking Offering and Top 2021 Listings

Hong Kong's largest Initial Public Offering (IPO) since 2021 has been a resounding success, with Midea shares skyrocketing in a major sale. The company, located in Foshan, managed to raise HK$31.01 billion in the past week by selling its stocks at HK$54.80 per share, which was at the highest anticipated price range.

Shares of the leading global manufacturer of domestic appliances, identified by the stock code 0300, were traded at HK$59.20 each when Midea's Chairman, Paul Fang Hongbo, officially initiated trading by ringing the ceremonial gong at the Hong Kong stock exchange. At the close of the day, the stock was priced at HK$59.10 and was the most frequently traded shares in the city.

Due to significant attention from global investors, Midea might utilize an over-allotment, also known as a greenshoe, option. This could potentially increase its deal size to $4.6 billion, positioning it as the second biggest fundraising event of the year. This information comes from Bonnie Chan Yiting, the CEO of Hong Kong Exchanges and Clearing Limited, following the company's initial trading launch.