Estun Automation (HKG:2715) launched its Hong Kong initial public offering on Friday, aiming to raise up to HK$1.65 billion.

The Chinese industrial robotics company is offering 96,780,000 H shares at an indicative price range of HK$15.36 to HK$17 per share, according to a Hong Kong bourse filing.

The offering comprises 9.7 million H shares for Hong Kong investors and 87.1 million H shares for international investors, subject to the reallocation and the overallotment option.

The issuer expects to determine its final offer price on or before March 5 and disclose the allocations on March 6. It will start trading on the Hong Kong bourse on March 9.

The company secured seven cornerstone investors, who committed to subscribing to $66.9 million worth of shares.

Net proceeds will primarily be used to expand the company's production capacity, to pursue investments, and for research and development initiatives.

Huatai Financial Holdings (Hong Kong), GF Securities (Hong Kong), CMB International Capital, BOCOM International Securities, ABCI Securities, ICBC International Securities, BOCI Asia, Futu Securities International (Hong Kong), Livermore Holdings, TradeGo Markets, and Huaan Securities (Hong Kong) are the joint bookrunners of the IPO.