Hangzhou Jiuyuan Gene Engineering (HKG:2566) raised about HK$485.4 million in net proceeds from its Hong Kong initial public offering after pricing the shares near the upper limit of its indicative price range.

The biotechnology firm issued 45,398,800 shares at HK$12.42 apiece, with the low end of its guidance of HK$11.48 and the high end of HK$12.56 each, according to a Wednesday disclosure.

The deal's Hong Kong or public offering portion was 675.83x oversubscribed, prompting the company to issue about 22.7 million shares, more than the 4.5 million shares originally allotted.

The international or placing shares were 1.18x oversubscribed, and the firm issued about 22.7 million shares.

Hangzhou Jiuyuan Gene Engineering will start trading on the Hong Kong bourse today, Nov. 28.