Gaming hardware company Razer saw its stock jump in its debut on the Hong Kong Exchange on Monday.

The company, backed by Hong Kong tycoon Li Ka-shing, pricedits initial public offering at HK$3.88 ($0.50) a share, it said in a filing on Friday. The company said it raised around HK$3.9 billion ($500 million) from the 1.06 billion primary shares offered.

Shares of Razer, which is best known for its gaming laptops and computer mice, traded at HK$5.37 ($0.69) by 9:33 a.m. HK/SIN, more than 30 percent above the company’s issue price.

Prior to its debut, retail demand for Razer’s IPO had exceeded the number of shares offered to the public by 291.24 times, the company said last week.

Singapore wealth fund GIC and Davinia Investment are among Razer’s five cornerstone investors, the company’s prospectus said.

Razer CEO Min-Liang told CNBC earlier this year that going public would give the company a war chest to make further investments in research and development, and to develop more new products. It released its first smartphone on Nov. 1.

The IPO market in Hong Kong has boomed of late because investors are optimistic over “new economy” companies and their potential, said Edmond Hui, the chief executive officer of brokerage Bright Smart Securities.

Hui cited the “outstanding performance” of recently-listed names ZhongAn Online and China Literature as reasons for the positive sentiment over Razer among retail investors.

“Additionally, most of the ‘new economy’ companies are backed up by very well-known business giants who have good track records,” he added.

Razer’s debut followed China Literature’s public offering on the Hong Kong Exchange last Wednesday, which saw the online literature and e-book platform close up nearly 90 percent on a stellar first day of trade. Online-only insurer ZhongAn Online P&C Insurance, which listed in September in Hong Kong, rose 18 percent on its first day of trade.

The recent slew of high-profile listings came after the number of listings on mainland exchanges exceeded the number of those in Hong Kong, according to EY. Hong Kong had topped the IPO rankings in 2016.