By Carrie Chen
Nikkei Markets
Adds details, updates share price
HONG KONG (Feb 08) -- Shares of Dragon Rise Group Holdings jumped as much as 23.8% on Thursday as they began trading on Hong Kong's main board after the construction subcontractor raised HK$120 million ($15.3 million) in gross proceeds from an initial public offering.
The stock began trading at 48 Hong Kong cents apiece, and rose as high as 49.5 Hong Kong cents in the early minutes, compared with its IPO price of 40 Hong Kong cents apiece. It was up 11.3% at 44.5 Hong Kong cents at 10:30 a.m., with more than 214 million shares having changed hands.
