Shaanxi Micot Pharmaceutical Technology (HKG:2335) launched its Hong Kong initial public offering on Monday, seeking to raise up to HK$1.22 billion.

The Chinese biotechnology company is offering 58.1 million H shares at an indicative maximum price of HK$21.00 per share, according to a Hong Kong bourse filing.

The offering comprises 5.8 million shares for Hong Kong investors and 52.2 million shares for international investors, subject to reallocation and the over-allotment option.

The offer price is expected to be determined by June 18, with allocation results due by June 23, ahead of the company's planned trading debut on June 24.

Net proceeds, estimated at HK$1.07 billion, will be used primarily to fund the ongoing and planned clinical development and commercialization of Micot Pharmaceutical's core and key product candidates.

The company also plans to use the funds for the research and development of other pipeline candidates and technology platforms, as well as for working capital and general corporate purposes.

CCB International Capital and China Merchants Securities (HK) are acting as joint sponsors, sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.