Shares of mobile game developer Archosaur Games rose 55% to HK$18 ($2.32) per share after its Hong Kong initial public offering on Wednesday.
The Tencent-backed company was reported to seek up to HK$2.17 billion investment through its Hong Kong IPO. It has priced the offer price at HK$9.80 to HK$11.60 per share.
The Standard reported Archosaur has invited Tencent to take 17.51% of the company’s shares before IPO.
Founded in 1997, Archosaur has produced 14 video games in the past five years. According to Frost & Sullivan, Dragon Raja had the highest number of average monthly active users last year among all massive multiplayer online role-playing games in China.
Archosaur’s revenue reached 1.07 billion yuan in 2019, up 22.65% year on year.