Green Tea (HKG:6831) opened flat during its first day of trading on the Hong Kong bourse on Friday.

The casual Chinese restaurant operator offered 168,364,000 shares at HK$7.19 apiece, raising net proceeds of HK$745.8 million.

The Hong Kong portion of the offering was 317.5 times oversubscribed. As a result of the oversubscription, the company reallocated 67,345,600 shares from the international offering to the Hong Kong portion, bringing the final number of offer shares to 84,182,000 from 16,836,400.

The international portion of the offering was 7.2 times oversubscribed. Following the reallocation, the number of shares in the international offering went down to 84,182,000 from 151,527,600.

Cornerstone investors subscribed to 84,182,000 shares, or 50% of the total offer shares.