Chinese toy billionaire Wang Ning saw his wealth surge almost three fold this year, thanks to strong investor demand for the initial public offering of his Pop Mart International Group.
The Beijing-based company raised $674 million by pricing its IPO at the top of its previously indicated range of HK$31.5 to HK$38.5 a share. Pop Mart’s stock begins trading in Hong Kong on December 11, and the company said it plans to use the proceeds of the IPO to open more stores and expand overseas.
Wang, who owns just under 50% of the company following the sale, now has a net worth of $3.2 billion—up from $1.2 billion when a private funding round in April placed a $2.5 billion valuation on the firm, Pop Mart’s valuation currently sits at $6.9 billion.
