Morgan Stanley Invests in HK$17.5B Victory Giant IPO at 37% Discount
Morgan Stanley & Co. International joined 36 cornerstone investors underwriting HK$17.5 billion of Victory Giant Technology’s Hong Kong IPO, contributing to a $997 million cornerstone tranche. The IPO offers 83.3 million shares at up to HK$209.88 each—a 37% discount to Shenzhen trading—testing investor demand in Asia.
1. Morgan Stanley’s Cornerstone Investment
Morgan Stanley & Co. International Plc was one of 37 cornerstone investors in Victory Giant Technology’s initial Hong Kong offering, collectively committing about $997 million. As a cornerstone participant, Morgan Stanley agrees to hold its allocation for at least six months, underscoring its confidence in the AI-focused PCB specialist.
2. IPO Details and Market Impact
Victory Giant is offering 83.3 million shares at up to HK$209.88 each, pricing the deal at a 37% discount to its Shenzhen close to raise as much as HK$17.5 billion, with an overallotment option to increase proceeds toward $3 billion. The sale will gauge appetite for large maiden share offerings amid regional volatility and could influence Morgan Stanley’s underwriting and investment strategy in Asia.