Razer’s stock code is aptly numbered 1337

Singapore- and US-based gaming accessories company Razer has raised HK$4.1 billion (US$525 million) upon debuting on the Hong Kong Exchange (HKEX) today. The company also saw its stock price shoot up by more than 20 per cent.

It had previously priced its Initial Public Offering (IPO) at HK$3.88 (US$0.50) per share (HKEX code: 1337) during an announcement last week. Today, Razer’s stock price, as of time of writing, has risen to HK$4.68 (US$0.60).

Last Friday, Razer said it offered 1,063,600,000 offer shares in the global offering, comprising an international offering and a Hong Kong public offering.

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However, demand for its shares have been exceedingly high: its public offering was oversubscribed by 290.24 times, while its international offering was also oversubscribed (though, no figure was given). Razer had to reallocate 425,440,000 shares from the international offering to the public offering, giving them 531,800,000 shares each.

In an interview with CNBC, Min-Liang Tan, Razer’s CEO and founder, said he would use the new funds to develop new products and fund research and development.

This year marks Razer’s biggest strides into new territory. Besides its IPO, Razer made a play on the smartphone market with the acquisition of smartphone maker Nextbit and the subsequent launch of its new gaming-centric phone called Razer Phone. It also unveiled a US$7.34 million plan to roll out RazerPay, an e-payments system for Singapore.

Razer is backed by several prominent investors, including Singapore sovereign wealth fund GIC, Intel Capital, Accel Partners and Li-Ka Shing.

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Image Credit: Razer

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