Medtide Inc. (HKG:3880) is looking to raise as much as HK$514.1 million from its initial public offering in Hong Kong as the city remains on track to be one of the top IPO destinations globally for 2025.

The peptide-focused CRDMO is offering up to 16,800,000 shares, which are anticipated to be priced at an indicative range of HK$28.40 to HK$30.60 apiece, according to an early Friday morning filing with the Hong Kong Stock Exchange.

The shares are expected to be priced June 26, with the allocation results to be disclosed the next day. Medtide will make its trading debut on the Hong Kong bourse June 30.

CSPC and Welight Capital agreed to subscribe for $10 million of the shares on offer as cornerstone investment of the IPO.

Net proceeds from the offering, approximately at HK$411.2 million, will be used to expand the company's services and capacity in the US and China, to establish more presence for its sales and after-sales services in Europe and for its working capital and general corporate purposes.

Morgan Stanley and Citic Securities were tapped to be joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers of the deal.