Forgame successfully floats on Hong Kong Stock Exchange

Shares up 10% on first day

Forgame successfully floats on Hong Kong Stock Exchange

Chinese game publisher Forgame (HKG: 0484) has successfully listed on the Hong Kong Stock Exchange.

It said its shares were over-subscribed 300-fold.

The initial float price was set at HK$51, but the shares closed their first day at HK$67.50, up 10 percent on their opening price.

Forgame says it will spend around 20 percent of the raised capital on expanding its mobile and web game production, while 60 percent will be spend on acquiring companies, game licences and other IP.

The remaining 20 percent will be equally split between expanding international operations and working capital.

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