MeiG Smart Technology (HKG:3268) launched its Hong Kong initial public offering on Friday, aiming to raise up to HK$1.01 billion.

The wireless communication modules maker is offering as many as 35 million H shares at a maximum indicative price of HK$28.86 per share, according to a Hong Kong bourse filing.

The offering comprises 3.5 million H shares for Hong Kong investors and 31.5 million H shares for international investors, subject to the reallocation and the offer size adjustment option.

The issuer expects to determine its final offer price on or before March 6 and disclose the allocations on March 9. It will start trading on the Hong Kong bourse on March 10.

The company secured eight cornerstone investors, who committed to subscribing to HK$458.5 million worth of IPO shares.

Net proceeds will primarily be used to pursue research and development initiatives, expand the company's sales network, and for possible acquisitions.

China International Capital Corp., BNP Paribas Securities (Asia), China Industrial Securities International Capital, Futu Securities International (Hong Kong), Tiger Brokers (HK) Global, and Open Securities are the joint bookrunners of the IPO.