Contiocean Environment Tech Group (HKG:2613) raised HK$273.4 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the bottom of the indicative price range.

The maritime environmental protection solutions provider issued 10,000,000 H shares at HK$31.80 apiece, the bottom end of its guidance as high as HK$39.80 each, according to a Wednesday disclosure.

The deal's Hong Kong or public offering portion was 55.33 times oversubscribed, with the firm reallocating another 894,200 H shares from the international placing, taking the total shares on offer in Hong Kong to 1,894,200.

The international or placing shares were 0.95 times subscribed, and the firm issued 8,105,800 H shares.

Contiocean Environment Tech secured Harvest International Premium Value as cornerstone investor that subscribed for 24.43% of shares in the IPO.

Contiocean Environment Tech will debut on the Hong Kong bourse on Thursday, Jan. 9.