Shares of Qunabox, a Shanghai-based Artificial Intelligence of Things (AIoT) marketing service provider, have risen by 63% from their initial offer price after three trading sessions.
Qunabox’s shares closed at HK$40.9 ($5.24) apiece on Wednesday, compared with their IPO price of HK$25 ($3.20). The company’s scrip had debuted on the HKEX at HK$33 ($4.48) per share on Monday, up 32% from the offer price.
The Legend Capital-backed company raised HK$492 million ($62.9 million) in gross proceeds from the IPO by selling over 19.7 million shares.
Qunabox focuses on fast-moving consumer goods through unmanned vending machines. It operates 7,543 vending machines in 22 cities across China, according to the company.
Legend Capital has been an investor in Qunabox since 2016. It is a venture capital (VC) and private equity (PE) investor focusing on early- and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore.
The rise in Qunabox’s shares brings some respite to the lacklustre IPO market in Hong Kong. Even with market reforms, the city is facing its weakest IPO market since the global financial crisis, compounded by competition from other global exchanges and a generally dull IPO sentiment.
So far, only 20 companies have listed on HKEX this year, compared to about 28 companies that went public between January and mid-May in 2023.
Founded in 2013, Qunabox has raised capital through nine fundraising rounds in the past decade, with backers including Lighthouse Capital, Eagles Fund, SAIF Partners, Xiamen C&D, and Ferry Venture Capital.