CiDi (HKG:3881) raised HK$1.31 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$263 per share, according to a Thursday after-market filing with the Hong Kong Stock Exchange.

The intelligent driving products provider to commercial vehicles in China company offered 5.41 million H-shares in the global offering.

The Hong Kong public offer was 22.55 times oversubscribed, with a final allocation of 540,800 shares, or 10% of the total offering, following a clawback from the international tranche.

The international offering was 2.1 times subscribed, with a final allocation of 4.87 million shares, or 90% of the total offering.

An over allotment of 540,800 shares was made under the international tranche.

Cornerstone investors, including Hunan Xiangjiang Zhicheng Industrial Investment Fund Partnership, Nanning Zhijia No. 1 Ruiyue Equity Investment Partnership, ICBC UBS Asset Management, ICBC UBS Asset Management (International), and Qianhai Kaiyuan Qunwei QDII Single Asset Management Plan, were allotted a combined 2.08 million shares, representing 38.39% of the offer shares, according to the filing.

CiDi is scheduled to debut on the Hong Kong bourse on Friday, Dec. 19.