Hong Kong-based digital solutions provider AMTD Digital raised $124.8 million from its public debut on NYSE, commanding a market cap of $1.44 billion.
The company said it offered 16 million American depositary shares (ADSs), which were priced at $7.8 apiece, above the midpoint of the previously disclosed price range. Every five ADSs represent two Class A ordinary shares of AMTD Digital.
The company has also granted the underwriters a greenshoe option, to purchase up to 2.4 million additional ADSs at the public offering price.
Its price went up 108% from the issue price on the first day of trading on July 15.
A unit under financial services conglomerate AMTD Group, AMTD Digital is a one-stop digital solutions platform providing digital financial services, digital media, content and marketing, SpiderNet ecosystem solutions, and digital investments across Asia.
“The IPO represents the second unicorn under AMTD Group Company Limited to be successfully listed on NYSE, subsequent to the listing of AMTD IDEA Group (formerly known as “AMTD International Inc.”) in 2019,” the company said.
AMTD IDEA was the first Hong Kong unicorn to successfully list on NYSE. The firm raised $200 million in its IPO transaction, garnering a market cap of over $2 billion.
In 2020, AMTD IDEA became the first NYSE-listed company to dual list in Singapore.
Earlier this year, AMTD IDEA acquired a majority stake in AMTD Digital by buying out shareholder stakes held by the AMTD Group, its affiliates, and an affiliate of AMTD’s chairman Calvin Choi, to increase its shares in AMTD Digital to 97.1% from 14.4% and have 99.9% voting power.
AMTD Digital raised $285 million from Value Partners, Greater Bay Area Homeland Investments, Vision Knight Capital, Ariana Capital, Maoyan Entertainment, and Infinity Power in September 2020.
AMTD has invested in Southeast Asian fintech startups such as Singapore-based private exchange CapBridge, insurtech startup PolicyPal, and SME financing startup Funding Societies.