The provider of tutoring services to Hong Kong secondary school students was so popular that individual investors placed orders for about 289 times the stock initially available to them. Bexcellent raised US$17.2 million in its initial public offering after pricing shares near the top of a marketed range. That’s a contrast to Xiaomi Corp, which priced its initial public offering at the low end two weeks ago.

Shares of Bexcellent closed at HK$1.32 for a 22% gain from its IPO price of HK$1.08.

Courses and products provided by Bexcellent’s top five tutors accounted for more than half of its total revenue last year, the company said in its IPO prospectus. Remuneration payable to the top tutor was US$5.5 million in the year through July 2017, the document showed. That’s more than Bexcellent’s net income of US4.3 million in the same period.

Rival firm Hong Kong Education International Investments Ltd ran a newspaper advertisement in 2015, offering to pay Bexcellent’s top tutor Lam Yat Yan an annual salary of US$10.8 million. Shares of Hong Kong Education have plunged 97% since its 2011 IPO, while Lam has remained a tutor and shareholder of Bexcellent.