Circuit Fabology Microelectronics Equipment (SHA:688630, HKG:9630) launched its Hong Kong initial public offering on Wednesday, seeking to raise up to HK$3.24 billion.

The Chinese printed circuit board maker is offering 12.8 million H-shares at an indicative price of HK$240.09 to HK$252.73 per share, according to a Hong Kong bourse filing.

The offering comprises 1.28 million shares for Hong Kong investors and 11.55 million shares for international investors, subject to reallocation and the overallotment option.

The offer price is expected to be determined by June 24, with allocation results due by June 25, ahead of the company's planned trading debut on June 26.

Net proceeds will be used to expand the company's production capacity and research and development capabilities. Proceeds will also be used for strategic investments and acquisitions to support the business.

The company secured 19 cornerstone investors who committed to purchasing $196.6 million worth of IPO shares.

China International Capital Corp., CMB International Capital, Guoyuan Securities, BOCI Asia, and Futu Securities International (Hong Kong) are serving as the underwriters for the offering.

Shanghai shares of the company gained neary 4% in morning trade Wednesday.