Guangdong Huayan Robotics (HKG:1021) launched its Hong Kong initial public offering on Friday, seeking to raise HK$1.37 billion from the deal.

The Chinese robotics company is offering around 80.79 million H shares at HK$17 apiece, according to a Hong Kong bourse filing.

The offering comprises 4.04 million H shares for Hong Kong investors and 76.75 million H shares for international investors, subject to reallocation.

The IPO's allocation results are due March 27, ahead of the company's planned trading debut on the Hong Kong Stock Exchange on March 30.

Net proceeds will be used mainly for the company's research and development, as well as to expand production capabilities.

The company secured nine cornerstone investors who committed to subscribing to a total of HK$769.5 million worth of IPO shares.

China International Capital Corp. Hong Kong Securities, Deutsche Bank, Futu Securities International (Hong Kong), Zheshang International Financial are the joint bookrunners of the IPO.