The newly minted U.S.-listed shares of AMTD Digital Inc.
HKD,
soared out of the gate in volatile trading Friday, after the Hong Kong-based digital platform and controlled subsidiary of AMTD IDEA Group
AMTD,
raised $124.8 million through its initial public offering. The company said Friday that it sold 16.0 million American depositary shares (ADS) at $7.80 per ADS, which gave AMTD Digital a market capitalization of $1.44 billion. The ADS were listed on the NYSE under the ticker symbol “HKD.” The stock’s first trade was at $13.00, or 66.7% above the IPO price, at 11:02 a.m. Eastern. The stock has already been halted twice for volatility since it’s first trade. It has climbed even further since, to trade 106.6% above its IPO price in morning trading. Meanwhile, AMTD IDEA shares rallied 9.1% in morning trading. The strong debut comes at a time that the Renaissance IPO ETF
IPO,
has lost 25.5% over the past three months while the S&P 500
SPX,
has shed 12.2%.
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