HK's Razer IPO raises $528 million amid heavy retail demand

Razer products are displayed at a news conference ahead of its IPO in Hong Kong, China October 31, 2017. REUTERS/Bobby Yip

HONG KONG (Reuters) - Razer Inc 1337.HK, backed by Intel Corp INTC.O and Hong Kong billionaire Li Ka-shing, on Friday set its initial public offering price at HK$3.88 per share, confirming a report by a Reuters's publication that the gaming hardware maker had priced its shares near the top of a range.

Razer is set to raise HK$4.12 billion ($528 million) after pricing the Hong Kong IPO of 1.063 billion primary shares near top of the HK$2.93-HK$4.00 range, IFR reported on Tuesday.

The retail portion of the IPO gathered demand that was 291.24 times the number of 106.36 million shares on offer, the company said.

It sets the stage for a sterling debut on Monday, tracking a similar path of a strong debut of China Literature Ltd 0772.HK

Earlier this week, Tencent's 0700.HK e-book unit China Literature Ltd 0772.HK saw its shares surge more than 80 percent in their debut, as Hong Kong investors embrace a rush of tech listings, marking the biggest first-day gain for a large IPO globally this year.

Razer said the proceeds would be used to develop new verticals in the gaming and digital entertainment industry, including mobile devices, audio visual technology, live-streaming and broadcasting technology, as well as to fund acquisitions as it expands its ecosystem.

Reporting by Donny Kwok; Editing by Stephen Coates