Guangdong Tianyu Semiconductor (HKG:2658) launched its initial public offering in Hong Kong on Thursday, seeking to raise as much as HK$1.74 billion from the IPO.

The silicon carbide epitaxial wafer manufacturer is offering up to 30,070,500 shares at an indicative price of HK$58.00 per share, according to an early Thursday morning filing with the Hong Kong bourse.

The allocation results will be disclosed on Dec. 4, after which the company will make its trading debut on the bourse on Dec. 5.

Tianyu Semiconductor attracted Guangdong Primitive Forest and GF Global, as well as Glory Ocean Innovation, as cornerstone investors, which agreed to subscribe to HK$161.5 million of the shares on offer.

Net proceeds, estimated at HK$1.67 billion, will be used to expand its overall production capacity in the next five years, to enhance R&D and innovation capabilities, for strategic investments, to expand global sales and marketing network, and for working capital and general corporate purposes.

CITIC Securities (Hong Kong) is the sole sponsor, sponsor-overall coordinator, overall coordinator, joint global coordinator, joint bookrunner and joint lead manager of the offering.

China International Capital Corporation Hong Kong Securities, CMB International Capital and GF Securities (Hong Kong) Brokerage act as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.

ABCI Capital, Cheer Union Securities, China Industrial Securities International Capital, CNI Securities Group, Futu Securities International (Hong Kong), ICBC International Securities, Livermore Holdings, Shenwan Hongyuan Securities (H.K.), Sinolink Securities (Hong Kong), Star River Securities, Sun Securities, Tiger Brokers (HK) Global and TradeGo Markets also act as joint bookrunners.