Lippo Group's AcrossAsia raises HK$590 million in IPO

AcrossAsia Multimedia, the technology unit of Indonesia''s Lippo Group, sold 180 million shares at HK$3.28 in its IPO. The shares rose to HK$3.90 in their first day of trading.

AcrossAsia Multimedia, the technology arm of Indonesia's Lippo Group, raised HK$590 million $75.7 million in its initial share offering on Hong Kong's Growth Enterprise Market GEM. Investors followed the lead of such corporate stalwarts as Hong Kong conglomerate Hutchison Whampoa, Softbank of Japan and China Resources, which bought shares prior to the listing.

AcrossAsia, which established its headquarters in Hong Kong in June, placed 180 million shares with institutional investors at HK$3.28 each, the middle of the offer range of HK$3 to HK$3.40. The shares rose 19% to HK$3.90 in their first day of trading. The company aims to provide...

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