Razer, the Singapore-based gaming company, said on Friday that it was moving a large portion of shares from the institutional portion to the retail tranche of its initial public offering (IPO) due to a massive oversubscription.
The company, which is due to debut on Hong Kong Stock Exchange on Monday at HK$3.88 (£0.38), said it had shifted 425.4m shares to be made available to retail investors after they oversubscribed to the IPO by 291 times.
Institutional offering lowered
Razer said the shift would bring the total number of shares on offer to retail investors to 531.8m. This would lower the institutional offering - also many times oversubscribed - to same number of shares, the company said in a stock exchange filing.
The company has also allowed underwriters of the IPO an option to issue an additional 159.5m shares to partially cover the oversubscription in the institutional part of the share offer.