Shaanxi Micot Pharmaceutical Technology (HKG:2335) raised HK$989.3 million in net proceeds from its initial public offering in Hong Kong, according to a Tuesday after-market filing with the Hong Kong Exchange.

The biotechnology company priced its IPO at HK$18.20 per share, issuing 58.05 million shares.

The Hong Kong public offering portion of the deal was 1,181.46 times subscribed, resulting in a final allocation of 5.8 million shares.

The international offering was 2.52 times subscribed, with 52.2 million shares allocated.

Cornerstone investors were allotted 24.68 million shares, representing 42.51% of the IPO shares.

Micot Pharma is set to debut on the Hong Kong bourse today, June 24.