Investors in a snack maker’s initial public offering in Hong Kong were sitting on losses just minutes after watching the shares almost triple.
Shares in Singapore-based Snack Empire Holdings Ltd surged as high as 188% on their debut on Wednesday, before sinking into the red 45 minutes later. The retail portion of the $16.6 million IPO was almost 14 times subscribed.
The gutchurning moves come after outsized gains by small-cap IPOs in the city this month lured investors. EuroEyes International Eye Clinic shares rose as much as 102% on their debut, while shares of software developer 360 Ludashi Holdings more than tripled on October 10. The 14 IPOs this month climbed an average 43% on their first day, according to Bloomberg data.