Shares of Guangdong, China-based restaurant chain Jiumaojiu International Holdings Ltd. rose as much as 56.36% on its first day of trading in Hong Kong.
The company priced its shares at the high end of its range at HK$6.60. It offered 333.4 million shares in its global offering and its stock opened at HK$9.50.
Jiumaojiu sought to raise HK$2.40 billion in the offering if the overallotment option is exercised in full.
The company intends to use the proceeds to open 38 Jiumaojiu-branded restaurants, 180 Tai Er-branded restaurants and 60 other restaurants under different brands by 2021.