Hongxing Coldchain (Hunan) (HKG:1641) raised HK$252.3 million in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$12.26 per share, according to a Monday after-market filing with the Hong Kong Stock Exchange.

The cold chain logistics operator offered 23.3 million H-shares in the global offering.

The Hong Kong public offer was 2,309.25 times subscribed, with a final allocation of 2.3 million shares, representing 10% of the total offering.

The international offering was 1.65 times subscribed, with a final allocation of 20.9 million shares, or 90% of the total offering.

Cornerstone investor FuhuiDa (HK) Limited was allotted 1.8 million shares, representing 7.66% of the offer shares, according to the filing.

Hongxing Coldchain is scheduled to debut on the Hong Kong bourse on Tuesday, Jan. 13.