Luxshare Precision Industry (SHE:002475, HKG:2475) launched its Hong Kong initial public offering on Tuesday, seeking to raise up to HK$24.3 billion.

The consumer electronics manufacturer is offering 383.5 million H shares at a maximum price of HK$63.28 each, according to a Hong Kong bourse filing.

The offering comprises 38.3 million shares for Hong Kong investors and 345.1 million shares for international investors, subject to reallocation and the overallotment option.

The offer price is expected to be determined by July 7, with allocation results due by July 8, ahead of the company's planned trading debut on July 9.

Net proceeds will be used primarily to expand production capacity for the company's automotive electronics and consumer electronics businesses, invest in research and development, enhance intelligent manufacturing capabilities, and pursue strategic investments and acquisitions.

The company also plans to use the funds to repay certain interest-bearing bank borrowings and for working capital.

The offering has attracted cornerstone investors, including Temasek, GIC, HHLRA, Taibai, Tencent (HKG:0700), Fidelity International, Oaktree, and ADIA, which have agreed to subscribe for shares totaling $1.50 billion.

CITIC Securities (Hong Kong), Goldman Sachs (Asia) and CICC Hong Kong Securities are serving as joint sponsors, sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.

HSBC, GF Securities (Hong Kong) Brokerage and Guosen Securities (HK) Capital are serving as joint global coordinators, joint bookrunners and joint lead managers, according to the prospectus.