AMTD International Inc., (NYSE: HKIB) a Hong Kong financial institution started its initial public offering by trading upwards in New York on Monday.
The firm opened $8.91 per share and increased to $10.00 per share by 1 pm, above its anticipated price per piece at $8.48.
HKIB raised $174 million by offering $20.8 million in shares at $8.38, within the range of $8.10 and $8.48. Also HKIB granted the underwriters a 30 day option to purchase up to an additional 3,113,955 ADSs.
“The Company intends to utilize the net proceeds from the public offering to invest in AMTD’s business and infrastructure expansion, fund potential acquisitions and investments, and use the remainder for general corporate purposes.” The company said in a press release on Sunday.
The Hong Kong based company ranks first as Asia’s independent investment banking firm and largest firm for PRC regional banks and new economy companies.
HKIB reported a $38.9 million in revenue for its first quarter, which was double from that same period a year ago.
As of Monday at 3:59 PM the stocks close was at $10.00 per share.