Hongxing Coldchain (Hunan) (HKG:1641) launched its initial public offering in Hong Kong on Wednesday, aiming to raise HK$285.2 million.

The cold chain logistics firm is offering 23,263,000 H shares at an indicative price of HK$12.26 per share, according to a Hong Kong bourse filing.

The offering comprises 2.3 million H shares for Hong Kong investors and 20.9 million H shares for international investors, subject to reallocation and the overallotment option.

The company secured Fuhuida HK as a cornerstone investor that committed to subscribing to HK$22.1 million worth of IPO shares.

The issuer expects to disclose the allocations on Jan. 12 and start trading on the Hong Kong bourse on Jan. 13.

Net proceeds will primarily be used to construct a new processing plant and expand frozen food storage warehouses, upgrade equipment, and pursue acquisitions and partnerships.

CCB International Capital, ABCI Securities, AVICT Global Asset Management, BOCOM International Securities, CEB International Capital, China Industrial Securities International Capital, CMBC Securities, Guosen Securities, Huafu International Securities, MoneyMore Securities, Orient Securities, Ruibang Securities, Shanxi Securities International, SPDB International Capital, uSmart Securities, Yue Xiu Securities, and Zhongtai International Securities are the joint bookrunners.