×

Shares in Maoyan, the Chinese online ticketing platform, slipped 1% on their debut on the Hong Kong Stock Exchange. At Monday’s early closing, the stock was trading at HK$14.64.

The company had priced its new issue shares at HK$14.8 apiece, as confirmed in regulatory documents filed last week. That was at the bottom end of the price range the company had previously indicated. The listing price gave Maoyan a value below the $2.2 billion figure used during an earlier private funding round.

Early market trading drove that valuation still lower. At HK$14.64 per share, the company has a market capitalization of $2.12 billion (HK$16.6 billion).

The IPO offer was “moderately oversubscribed,” the company revealed. The offer attracted bids for 2.32 times the volume of shares on offer, which meant that offering banks were not required to step in.

Nevertheless, the offer came with an immediate concentration warning, reflecting a high proportion of shares in a small number of hands. After the listing put shares into the hands of the public, the five largest shareholders will control 79% of Maoyan’s equity.

New money raised for the company by the share sale amounted to $235 million (HK$1.83 million). As previously indicated, 30% will go to further integration with other platforms, 30% towards research and development, and a further 30% for acquisitions. The remaining 10% will swell the working capital pool.

The shares were traded for only half a day, before the Hong Kong bourse took a three-and-a-half-day break for the Chinese New Year holidays.