Shanghai Iluvatar CoreX Semiconductor (HKG:9903) raised HK$3.51 billion in net proceeds from its initial public offering in Hong Kong.

The offer price was set at HK$144.60 per share, according to a Wednesday after-market filing with the Hong Kong Stock Exchange.

The artificial intelligence semiconductor company offered 25.4 million H-shares in the global offering.

The Hong Kong public offer was 414.24 times oversubscribed, with a final allocation of 2.54 million shares, or 10% of the total offering.

The international offering was 10.68 times subscribed, with a final allocation of 22.9 million shares, or 90% of the total.

Cornerstone investors, including ZTE (H.K.) Limited, Wind Sabre Opportunities Fund, UBS Asset Management (Singapore), Qin Wan Investment, Fourth Paradigm International, Duckling Fund, China Universal Asset Management (Hong Kong), Alphahill Capital, and others, were allotted a combined 10.9 million shares, representing 43.02% of the global offering, according to the filing.

Iluvatar CoreX is scheduled to debut on the Hong Kong bourse on Thursday, Jan. 8.