Dahon Tech (Shenzhen) (HKG:2543) launched an initial public offering on Monday in Hong Kong, looking to raise as much as HK$392.0 million from the deal.

The China-based folding bicycle retailer is offering up to 7,920,000 shares at an indicative price of HK$49.50 apiece, according to an early Monday morning filing with the Hong Kong Stock Exchange.

Allocation results will be disclosed Sept. 8, ahead of the company's trading debut on the bourse on Sept. 9.

Dahon Tech attracted Allianz Global Investors, Mega Prime Development through the GPAD Fund Management, Harvest Oriental SP and Veken Holdings Group as cornerstone investors, who agreed to subscribe to $12.8 million of the shares on offer.

Net proceeds of HK$342.2 million will be used to advance the company's manufacturing capabilities, to accelerate global expansion, to enhance its R&D capabilities and for working capital and other general corporate purposes.

China Securities (International) Corporate Finance is the sole sponsor, sponsor-overall coordinator, sole overall coordinator, sole global coordinator, joint bookrunner and joint lead manager of the deal. ABCI Capital, BOCI Asia, CCB International Capital, CMB International Capital and Futu Securities International (Hong Kong) also act as joint bookrunners and joint lead managers.