Zijin Gold's HK$25B IPO Surges 71.8% Despite Typhoon Delay
Zijin Gold's highly anticipated Initial Public Offering (IPO) took place on September 30, 2021, following a one-day delay due to Typhoon 'Ragasa'. The event marked a significant milestone for the company and the global gold market.
The IPO saw Zijin Gold issue 349 million shares at HK$71.59 per share. This offering was the largest globally since May and the second-largest in Hong Kong since the start of 2025. The strong investor demand pushed the company's shares to surge by 71.8%, closing at HK$123 ($15.8) per share. By the end of the month, the shares had corrected to HK$120.6 ($15.5), still representing a substantial 68.5% increase from the IPO price. This impressive performance came amidst a backdrop of soaring gold prices, which have continued to set new historical highs, exceeding $3,800 per ounce.
The IPO was supported by several prominent banks, including Citi, Morgan Stanley, Merrill Lynch, and UBS, who served as Joint Global Coordinators and Joint Bookrunners for the offering. This backing underscored the confidence in Zijin Gold's prospects and the broader gold market.
Zijin Gold's successful IPO, despite the initial delay, has positioned the company as a significant player in the global gold market. The strong investor interest and subsequent share price performance indicate a positive outlook for the company and the industry as a whole, with gold prices continuing to reach record highs.
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