MetaLight (HKG:2605) raised HK$242.35 million in gross proceeds and HK$159.73 million in net proceeds from its initial public offering in Hong Kong after pricing its shares at HK$9.75 apiece, according to a filing late Monday with the Hong Kong bourse.

The Cayman Islands-incorporated company offered 24.86 million shares, evenly split between the Hong Kong public offering and the international tranche after reallocation.

The Hong Kong public offering portion was 274.44 times subscribed, prompting the company to boost the retail tranche to 12.43 million shares from 2.49 million initially. The international offering portion was 2.49 times subscribed, with the final allocation reduced to 12.43 million shares from 22.37 million.

Beijing-headquartered MetaLight did not disclose any cornerstone investors in the deal. However, pre-IPO investors, including Alibaba Investment, China Broadband Capital, and Cheering Venture Global, collectively hold about 46% of the company's shares.

Trading of the shares begins today, June 10, on the Hong Kong Stock Exchange under the stock code 2605.