By Scott Murdoch and Donny Kwok
SYDNEY (Reuters) -Shares of Chinese bubble tea maker Guming rose by 0.6% on the Hong Kong Stock Exchange on Wednesday after the company raised $232 million in an initial public offering.
The company sold 182.4 million shares at HK$9.94 a piece, the top of the price range flagged to investors when the deal launched last week.
Guming stock began trading at HK$10 each and the rise was in line with the Hang Seng Index which was up 0.8% in early trading. The Hang Seng Consumption Index was also up 0.8%.
The stock was up by as much as 12% in grey market trading on Tuesday ahead of the official start of trading on Wednesday.
Guming, which has 9,000 stores in China, increased the number of shares for sale in the IPO after strong demand from investors, according to its filings.
The retail tranche of the IPO was covered 195 times which meant the portion of the deal allocated to those investors was increased from 10% to 43.5%, the filings showed.
Demand from institutional investors meant that tranche of the deal was 15 times covered.
(Reporting by Scott Murdoch in Sydney and Donny Kwok in Hong Kong; Editing by Himani Sarkar and Christopher Cushing)
