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Stratospheric IPO Debut Makes China’s Kuaishou a Global Media Giant

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variety.com
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Patrick Frater Asia Bureau ChiefShares of Chinese social video company Kuaishou made a stratospheric start in their post-IPO debut on the Hong Kong Stock Exchange.

Early trading on Friday morning saw their price nearly triple, instantly making the TikTok rival one of the world’s largest media groups.Raising some $6 billion of new cash, the offer was already one of the largest in the Hong Kong market’s history.

But investors sought 1,200 times more stock than was available, made it a over-subscription record breaker too.On Thursday, the firm’s bankers set a per share sale price of HK$115, the top of an indicated range.

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