Ningbo Joyson Electronic (HKG:0699, SHA:600699) has launched its initial public offering in Hong Kong, targeting to raise as much as HK$3.66 billion.

The automotive electronics supplier is offering 155.1 million H-shares at a maximum price of HK$23.60 each, according to a Hong Kong bourse filing on Tuesday.

The offering comprises 15.51 million shares for Hong Kong investors and 139.59 million shares for international buyers, subject to reallocation and the overallotment option.

Joyson attracted seven cornerstone investors, including JSC, Ningbo Xinzhi, Jump Trading, Eastern Bell Capital VIII, PSBC Wealth, Vandi, and Fidelidade, which together agreed to subscribe for a combined $107.1 million worth of shares, representing about 22.7% of the total offering.

Proceeds will be used mainly to strengthen its leadership in intelligent automotive technologies, expand manufacturing capacity.

The remainder will support overseas market expansion, brand promotion, potential acquisitions in intelligent and electrification technologies, and general corporate purposes.

China International Capital Corporation Hong Kong Securities and UBS Hong Kong serve as overall coordinators, joined by GF Securities (Hong Kong) Brokerage.