Thanks to large investor demand for its initial offering, Chinese toy manufacturer Pop Mart closed the international subscription on Wednesday, two days earlier than planned.
The startup that’s famous for producing collectible pop culture-related action figures in blind boxes is slated to officially list on the Hong Kong Stock Exchange on December 11, raising up to USD 600 million, according to Reuters.
It’s the first major IPO in Hong Kong since Alibaba-affiliate Ant Group scrapped its dual-listing in November due to regulation issues, making Pop Mart the most well-received IPO in 2020.
Founded in 2010, Pop Mart’s blind box and signature Molly series toys gained huge popularity in China in recent years among the country’s young generations. It now operates 136 retail stores across 33 cities, as well as 1,001 vending machines in addition to its online channels, according to the prospectus.
Online sales contributed 32% to its revenue in 2019, up from 9.4% in 2017. “We rely to a large extent on our online presence to reach new consumers and use third-party social media platforms as marketing tools,” the company said.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.