Zhejiang Laifual Drive (HKG:3952) will receive HK$1.07 billion in net proceeds from its initial public offering in Hong Kong after pricing the shares at the upper limit of the indicative range.

The robotics component maker issued 13.4 million shares at HK$85.50 each, the top end of its guidance of as low as HK$77, according to a Monday disclosure.

The Hong Kong public offering portion of the deal was 4,571.99 times subscribed, triggering a clawback that increased the allocation to roughly 2.69 million shares from the initial 672,100.

The international offering was 7.89 times subscribed, with the final allocation reduced to 10.8 million shares from the initial 12.8 million.

Cornerstone investors were allotted 5.04 million shares, representing 37.52% of the IPO shares.

Laifual Drive is set to debut on the Hong Kong bourse today, June 30.