Impression Dahongpao (HKG:2695) launched its Hong Kong initial public offering, seeking to raise up to HK$148 million.

The state-owned cultural tourism service provider is offering 36.1 million H-shares at an indicative price range of HK$3.47 to HK$4.10 apiece, according to a Friday Hong Kong bourse filing.

The deal includes 3.6 million shares for Hong Kong investors and 32.5 million shares for international buyers, subject to reallocation and the overallotment option.

Pricing is expected by Dec. 18, with allocation results due Dec. 19, ahead of the firm's planned trading debut on Dec. 22.

Impression Dahongpao expects net proceeds to be allocated to upgrading its signature Dahongpao Scenery Show, expanding the Impression Cultural Tourism Town and Food-themed Street, and acquiring a new cultural tourism performance project.

The funds will also support marketing, ticketing system upgrades, and general working capital.

China Industrial Securities International Capital and Halcyon Capital serve as joint sponsors. China Industrial Securities International Capital and Halcyon Securities act as overall coordinators and joint global coordinators.

The two firms also serve as joint bookrunners and joint lead managers alongside ABCI Capital, ABCI Securities, BOCI Asia, CCB International, China Sunrise Securities International, CMB International, Futu Securities, GLAM Capital, Huafu International Securities, ICBC International Securities, Patrons Securities, Phillip Securities, Tiger Faith Securities, TradeGo Markets, uSmart Securities, and Zheshang International.