CF PharmTech (HKG:2652) launched its initial public offering in Hong Kong on Friday, seeking to raise up to HK$607.7 million from the deal.

The inhalation drug developer expects to price the offering of as many as 41,198,000 shares at HK$14.75 apiece, according to an early Friday morning filing with the Hong Kong Stock Exchange.

Allocation results are anticipated to be disclosed on Oct. 6, ahead of the company's trading debut on the bourse on Oct. 8.

Net proceeds of approximately HK$525.4 million are earmarked for funding the ongoing R&D and clinical development of the company's inhalation formulation product candidates, as well as the pre-clinical R&D of its multiple other pipeline programs and technologies. The funds will also support facilities expansion and upgrade, as well as working capital and other general corporate purposes.

CITIC Securities (Hong Kong) and CMB International Capital are the joint sponsors of the offering. The two also act as overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers together with CCB International Capital.

Meanwhile, CLSA Limited, Soochow Securities International Brokerage, Shenwan Hongyuan Securities (H.K.), SPDB International Capital, SDICS International Securities (Hong Kong), ICBC International Securities, Central China International Securities, BOCOM International Securities, ABCI Capital, and Guosen Securities (HK) Brokerage were tapped as joint bookrunners and joint lead managers.