Asia Pioneer Entertainment raised HK$70 million (US$8.9 million) in an initial public offering on Wednesday.
The company offered a total of 250 million shares, comprising of 25 million public offer shares and 225 million placing shares at an offer price between HK$0.24 and HK$0.36 per share.
It listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange under the stock code 8400.
“The successful listing on the GEM of Hong Kong Stock Exchange reveals a new chapter for APE, which is a remarkable milestone for the Company,” said Mr. Allen Huie, chairman, executive director and compliance officer of APE.
“This listing enables the Company to tap into the international capital market, which will not only enhance our capital strength, but also further strengthen our leading position in the industry and will accelerate the next stage of the Company’s development. With the support of the capital market, our own capabilities in business development and the emerging market demand for Electronic Gaming Equipment, we are confident in maintaining the Company’s steady growth in the future and maximizing returns for investors.”
Shares opened for trading at HK$0.51 and reached a peak of HK$0.55 per share. Shares closed at HK$0.31 per share.
APE said the proceeds of the IPO will be used for upfront deposits for manufacturers, procuring electronic gaming equipment for lease to casino operators in Macau and other corporate purposes.