Senasic Electronics (HKG:6675) launched its Hong Kong initial public offering on Tuesday, seeking to raise about HK$980.6 million from the deal.

The China-based wireless sensor system-on-chip provider is offering 53.4 million H shares at HK$18.36 apiece, according to a Hong Kong bourse filing.

The offering comprises 5.3 million shares for Hong Kong investors and 48.1 million shares for international investors, subject to reallocation and the overallotment option.

The offer price and allocation results are expected to be announced on June 16, ahead of the company's planned trading debut on June 17.

Net proceeds will be used primarily to expand Senasic Electronics' business scale and accelerate commercialization of new products, as well as to strengthen R&D capabilities in intelligent tire sensing, battery management system and user-side interface system-on-chip technologies.

The company also plans to use the funds to expand its domestic and international sales network, pursue strategic investments or acquisitions, and for working capital and general corporate purposes.

China International Capital Corporation Hong Kong Securities and Guotai Junan Capital are acting as joint sponsors.

China International Capital Corporation Hong Kong Securities, Guotai Junan Securities (Hong Kong), GF Securities (Hong Kong) and Daiwa Capital Markets Hong Kong are acting as joint global coordinators, joint bookrunners and joint lead managers.

ABCI Capital, Futu Securities International (Hong Kong), Tiger Brokers (HK) Global, SPDB International Capital, CMBC Securities and Shanxi Securities International are also serving as joint bookrunners and joint lead managers.