On Dec. 17, HashKey saw its shares dip by 3% as it finally went public on the Hong Kong Exchange, attracting top investors.
HashKey’s Initial Public Offering (IPO) came with some disappointing outcomes, including a significant decline in the firm’s shares. Precisely, the shares slipped by around 3% by midday on Dec. 17, which marks their first trading day in Hong Kong.
HashKey Sells Shares from Its IPO at HK$6.68
According to a filing from HashKey, the Hong Kong cryptocurrency exchange raised HK$1.6 billion, which is equivalent to $206 million, after pricing its IPO at HK$6.68 per share.
This price is at the upper end of its proposed range of HK$5.95 to HK$6.95. It is worth noting that the HashKey stock opened at HK$6.7 and then jumped to as high as HK$7.11 in the morning session before it finally tanked to HK$6.48 by midday.
By the end of the trading day, the shares closed at HK$6.51. It attracted nine top investors, including UBS AM Singapore, Fidelity, and CDH.
Xiao Feng, the Chairman and CEO of HashKey, recognizes the listing on Hong Kong Stock Exchange’s (HKEX) as a “starting point that resembles greater responsibility.”
He suggested that the move was in sync with the company’s commitment to remain in compliance across jurisdictions. Feng strongly affirms that compliance is key to achieving long-term success and sustainable growth.
HashKey’s Journey Towards an IPO
HashKey was quite intentional towards its IPO. Coinspeaker announced that it cleared the HKEX listing hearing on Dec. 1.
This review of the public bourse’s listing committee was a significant move towards its public listing. The committee is responsible for making decisions on listing applications, disciplinary matters, and other regulatory issues for companies seeking to go public.
Once a company clears the hearing, the next step is prospectus registration, which is then followed by marketing, book-building, and pricing.
Not too long after, HashKey noted that it was taking investors’s order with a plan to raise $200 million in the IPO.
At this time, it had not revealed the size of the public trade and the timing. The eventually listing of the shares on the Hong Kong Stock Exchange is a reflection of the company’s notable strides towards the IPO.
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