Midas Holdings, the manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in China, today gained 7.4% to close at HK$5.83 (98.5 cents) on its first trading on the Mainboard of the Stock Exchange of Hong Kong Limited (SEHK).

Midas IPO offer price was HK$5.43.

Active trade was registered, with 70.5 million shares changing hands, representing an aggregate turnover of approximately HK$417 million. Midas closed $1.01 in Singapore today.

The group raised gross proceeds of HK$1.2 billion from its global offering (assuming the over-allotment option is not exercised), in conjunction with its secondary listing on the SEHK.