HashKey, a Hong Kong-licensed crypto exchage, raised $206 million in its IPO, with pricing near the upper end of its range.

According to Mars Finance, HashKey Holdings Ltd., Hong Kong's largest licensed cryptocurrency exchange operator, has priced its initial public offering (IPO) at the high end of its market-promoted price range. HashKey sold 240.6 million shares at HK$6.68 per share, raising HK$1.6 billion (approximately US$206 million) in the Hong Kong IPO. The promotional price range for the shares was HK$5.95 to HK$6.95 per share. HashKey did not exercise its option to increase the size of the offering. The top 20 institutional entities received approximately 80% of the shares allocated to institutional investors (excluding cornerstone investors). HashKey's shares are scheduled to debut on Wednesday, with JPMorgan Chase & Co. and Guotai Junan Securities acting as joint sponsors for the IPO.