Newtrend Group (HKG:2573) has raised HK$200.06 million in gross proceeds and HK$164.15 million in net proceeds from its initial public offering, after pricing its shares at HK$18.90 apiece, the bottom end of the indicated range, according to a late Friday Hong Kong bourse filing.

The mainland China-based company issued 10.59 million H-shares. Strong demand in the Hong Kong public offering, which was 149.37 times subscribed, led to a reallocation of shares from the international tranche. As a result, 1.66 million shares were allotted to Hong Kong investors and 8.92 million to international investors.

Two cornerstone investors took up a combined 3.14 million shares, accounting for 5.7% of the total H shares post-listing. These are He Win Hong Kong Holdings, a close associate of an existing shareholder, and The Reynold Lemkins Group (Asia).

Newtrend Group will start trading Monday, June 10, on the Hong Kong Stock Exchange under the stock code 2573.