The Tencent and Baidu-backed livestreaming app saw its shares almost triple on the first day of trading and is now valued at about $160bn.
China-based video streaming platform developer Kuaishou Technology raised $5.4bn today in an initial public offering on the Hong Kong Stock Exchange that scored exits for internet groups Tencent and Baidu.
Kuaishou has built a short-form social video app with more than 300 million daily active users. Its chief rival, Douyin, is better known internationally as TikTok.
The company priced the offering last week and issued about 365 million shares priced at HK$115 ($14.83) each. Its shares leapt to HK$338m at the start of trading today and closed at HK$300.00 to give it a market cap of roughly $160bn mark.
Investment and financial services group Fidelity bought $270m of shares in the IPO while Capital Group purchased $500m, Invesco $270m and Morgan Stanley Investment Management $125m according to Nikkei, which also named GIC, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board and Boyu Capital as buying investors.
Kuaishou had raised…
