Butong Group (HKG:6090) raised HK$718.3 million in net proceeds from its initial public offering in Hong Kong, with the final offer price set at HK$71.20 per share.

The BeBeBus brand designer and seller offered 10,980,900 shares, according to an after-market filing with the Hong Kong Stock Exchange on Monday.

The Hong Kong public offer was 3,317.47 times oversubscribed, with the final allocation of 1,098,100 shares, or 10% of the total offering, unchanged from the initial allotment.

The international offering was 7.37 times subscribed, with the final allocation of 9,882,800 shares, or 90% of the total offering, unchanged. No overallotment option was exercised.

Cornerstone investors Cithara Global Multi-Strategy SPC - Bosideng Industry Investment Fund SP, Shanghai Tongyi Investment Management (via a back-to-back total return swap with Huatai Capital Investment), and Great Praise Investment SPC - Selected AI Fund SP were each allotted 547,500 shares.

Together they accounted for 1.64 million shares, or about 15% of the global offering.

Butong Group is scheduled to debut on the Hong Kong bourse on Tuesday, Sept. 23.