On April 23, Hong Kong welcomed its largest initial public offering of 2024 so far, as bubble-tea maker ChaPanda debuted, raising HK$2.6 billion ($332 million). The deal size pales in comparison with previous largest offerings, being half the size of liquor company ZJLD Group’s 2023 IPO, a quarter of battery maker CALB’s 2022 listing, and a mere 20th of short-video platform Kuaishou’s 2021 debut.
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Nevertheless, the market struggled to digest the offering, with ChaPanda’s stock price plummeting 27% on the first trading day.
“There is still a huge mismatch in pricing expectations between issuers and investors,” a banker involved in the deal tells Euromoney.
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