The newly minted U.S.-listed shares of AMTD Digital Inc. HKD, +96.41% soared out of the gate in volatile trading Friday, after the Hong Kong-based digital platform and controlled subsidiary of AMTD IDEA Group AMTD, +7.27% raised $124.8 million through its initial public offering. The company said Friday that it sold 16.0 million American depositary shares (ADS) at $7.80 per ADS, which gave AMTD Digital a market capitalization of $1.44 billion. The ADS were listed on the NYSE under the ticker symbol “HKD.” The stock’s first trade was at $13.00, or 66.7% above the IPO price, at 11:02 a.m. Eastern. The stock has already been halted twice for volatility since it’s first trade. It has climbed even further since, to trade 106.6% above its IPO price in morning trading. Meanwhile, AMTD IDEA shares rallied 9.1% in morning trading. The strong debut comes at a time that the Renaissance IPO ETF IPO, +1.09% has lost 25.5% over the past three months while the S&P 500 SPX, +1.51% has shed 12.2%.
