Ingenic Semiconductor (HKG:3223, SHE:300223) launched its Hong Kong initial public offering on Monday, seeking to raise up to HK$3.21 billion.

The China-based integrated circuit company is offering 31.3 million H-shares at a maximum price of HK$102.80 each, according to a Hong Kong bourse filing.

The offering comprises 3.1 million shares for Hong Kong investors and 28.2 million shares for international investors, subject to reallocation and the over-allotment option.

The offer price is expected to be determined by Aug. 21, with allocation results due by Aug. 24, ahead of the company's planned trading debut on Aug. 25.

Net proceeds will be used mainly to strengthen technological innovation and product development across the company's core business segments.

The company also plans to pursue strategic investments and acquisitions, expand its sales network, and promote its products, with the remainder going toward working capital and general corporate purposes.

The offering has attracted 11 cornerstone investors, including Emerald Prime, GF Fund, Perseverance Asset Management, Huaqin Singapore, ICBC Wealth, China Universal (HK), and CloudAlpha Capital, which have agreed to subscribe for shares totaling $191.7 million.

Guotai Junan Capital is serving as the sole sponsor, while Guotai Junan Securities (Hong Kong), Huatai Financial, and Ping An Securities (Hong Kong) are acting as overall coordinators and joint global coordinators.

Tiger Brokers (HK), Zheshang International Financial Holdings, and Futu Securities International (Hong Kong) are also serving as joint bookrunners and joint lead managers.