EKH (HKG:2523) launched its Hong Kong initial public offering on Tuesday, seeking to raise up to HK$138.3 million.

The Singapore-based container depot operator is offering 51.6 million shares at an indicative price range of HK$2.20 to HK$2.68 each, according to a Hong Kong bourse filing.

The offering comprises 5.2 million shares for Hong Kong investors and 46.4 million shares for international investors, subject to reallocation and the over-allotment option.

The offer price is expected to be determined by July 9, with allocation results due by July 10, ahead of the company's planned trading debut on July 13.

Net proceeds will be used primarily to fund the construction and development of the company's Mega Depot in Singapore as part of its expansion of the integrated logistics hub.

The company also plans to use the funds to pay borrowings related to the construction of the Mega Depot and to boost working capital.

Quam Capital and Alliance Capital Partners are serving as joint sponsors, while Quam Securities is acting as sponsor-overall coordinator.