Key Takeaways:
- Senior Material opened 46.8% higher on the gray market before its June 23 listing.
- The stock last traded at HK$12.45 on Futu, up 38.6% from the listing price.
- Volume reached 4.44 million shares with HK$55.89 million in turnover.
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Senior Material climbs 38% on gray market as HK IPO rebound gathers pace
Senior Material (06067.HK) opened 46.8% higher on the gray market ahead of its June 23 debut on Hong Kong's Main Board.
"Hong Kong's IPO market is seeing a strong rebound, presenting opportunities for investors," Goldman Sachs said in a recent note, pointing to improving liquidity and valuation normalization.
According to Futu data, the stock opened at HK$13.18 and last printed at HK$12.45, up 38.6% from the listing price, on volume of 4.44 million shares and turnover of HK$55.89 million. PhillipMart data showed the stock opened as high as HK$15, up 67%, before settling at HK$12.70, a 41.4% gain, with 2.26 million shares changing hands.
The gray market performance suggests strong demand for the listing, which comes as Hong Kong's IPO market shows signs of recovery after a prolonged downturn. The Hang Seng Index has gained roughly 5% this year, supported by improving investor sentiment toward Chinese equities.
Senior Material did not disclose its offer price, deal size, or cornerstone investor details ahead of the listing. The company's valuation relative to sector peers will be determined upon its official debut.
The strong gray market momentum positions Senior Material for a potentially active first trading day. Investors will watch the June 23 debut for signs of sustained demand in Hong Kong's recovering IPO pipeline.
This article is for informational purposes only and does not constitute investment advice.
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