Baige Online Digital Technology (HKG:2672) launched its Hong Kong initial public offering on Thursday, seeking to raise up to HK$676.2 million.

The Chinese internet insurance intermediary is offering 33.3 million H-shares at an indicative price range of HK$15.60 to HK$20.28 per share, according to a Hong Kong bourse filing.

The offering comprises 3.33 million shares for Hong Kong investors and 30 million shares for international investors, subject to reallocation and the overallotment option.

The offer price is expected to be determined by June 25, with allocation results due by June 26, ahead of the company's planned trading debut on June 29.

Net proceeds will be used to expand the company's research and development capabilities, as well as to pursue strategic investments and acquisitions to support the business.

The company secured two cornerstone investors who committed to purchasing HK$20 million worth of IPO shares.

CMBC Securities, BOCI Asia, Huafu International Securities, ICBC International Securities, ABCI Securities, CMB International Capital, SPDB International Capital, Futu Securities International (Hong Kong), Tiger Brokers (HK) Global, Fortune (HK) Securities, uSmart Securities, Harmonia Capital, Guoyuan Securities Brokerage (Hong Kong), and Zircon Securities (HK) are serving as the underwriters for the offering.