NetEase Cloud Music Prices Hong Kong IPO At HK$205 Per Share

NetEase Inc (NASDAQ:NTES) freemium music streaming platform NetEase Cloud Music was priced at HK$205 (roughly $26.3) per share, the midpoint of the file price range.
NetEase Cloud Music aims to list on the Hong Kong Exchange on December 2 with the stock code “9899”.
NetEase Cloud Music looks to raise HK$3.28 billion ($420.72 million) and have a market value of HK$42.59 billion, Sohu.com reports.
NetEase Cloud Music’s international placement was fully subscribed for half a day after the sale had started.
NetEase Cloud Music is attracting multiple funds, including global long-term funds, investment funds focusing on the new economy fields, and hedge funds.
Also Read: NetEase Fires Up Tencent Rivalry Via Hong Kong IPO Of Music Business
Price Action: NTES shares traded higher by 3.96% at $112 in the premarket session on the last check Wednesday.

Benzinga