AUX Electric (HKG:2580) raised HK$3.99 billion in net proceeds from its initial public offering in Hong Kong, according to a Monday after-market bourse filing.

The air conditioner provider priced its 238,235,200 shares at HK$17.42 each, the top end of the indicative price range, after fully exercising the offer size adjustment option.

The Hong Kong public offer was 557.2 times oversubscribed, triggering a claw-back that raised the final allocation to 83,382,400 shares, or 35% of the total, from 10,358,200 initially.

The international offering was 8.3 times subscribed, with the final allocation reduced to 154,852,800 shares after reallocation.

An over-allotment of 35,735,200 shares was made under the international tranche.

Cornerstone investors, including China Post Life Insurance and PSBC Wealth Management, Valin Group Hongkong International Trade, Tibet Longrising Asset Management (via OTC swaps with CICC Financial Trading), and Shenzhen Yongxin Industrial Investment (via OTC swaps with Guotai Junan Investments), were allotted a combined 55,921,400 shares, or about 23.5% of the global offering.

AUX Electric is set to debut on the Hong Kong bourse on Tuesday, Sept. 2.