GenFleet Therapeutics (Shanghai) (HKG:2595) said the overallotment option from its Hong Kong IPO has been fully exercised, resulting in the issue of nearly 13.4 million H shares at HK$20.39 each, according to a Thursday bourse filing.

Shares of the firm rose nearly 4% in midday trading on Friday.

The additional shares, representing about 15% of the total offer size, will generate net proceeds of roughly HK$260.6 million after expenses.

The funds will be used on a pro rata basis for purposes previously disclosed in its prospectus, the filing said.

After the full exercise, the company's public float increased to 73%, above the minimum requirement under HKEX rules.