i-Cable Communications, the Internet service arm of Hong Kong cable operator Wharf Holdings Ltd, soared 38 percent in its Nasdaq IPO.
i-Cable (ICAB) raised $486 million by issuing 18 million American Depositary Receipts (ADRs) at $27. The company’s ADRs reached as high as $37 1/2 per share before closing the day at $34 1/8.
The cable Internet operator dual-listed in the United States and Hong Kong. In its home turf, i-Cable increased more that 50 percent on the Hong Kong Stock Exchange.
i-Cable’s long awaited cable Internet access service, plagued by staff departures and technical issues, has yet to be implemented in Hong Kong.