Hypebeast opened to a record IPO in Asia this week, closing Monday (April 11) at 708% above the opening price.
According to Bloomberg, the 11-year-old fashion/footwear website raised HK$65 million ($8.3 million USD) after pricing its IPO at 13 Hong Kong cents, but soared to as much as HK$2.80 on Monday and closing with a record debut.
Hypebeast’s opening marks Asia’s best first-day performance in 2016, and at one point in the day, it jumped to as much as 2,000 percent on Hong Kong’s Growth Enterprise Market.
CEO Kevin Ma founded HypeBeast from his bedroom in 2005, inspired by his passion for sneakers. More than a decade later, he’s launched a family of sites and apps, as well as an online store, which cover the latest fashion and culture trends for a millennial audience.
In 2012, HB launched an online store called HBX, which that carries over 300 brands and 8,000 products.
Last year, HypeBeast, Ltd. has generated HK$99 million ($12.7 million USD) in revenue,