Bayzed Health Group (HKG:2609) launched its initial public offering in Hong Kong that seeks to raise as much as HK$898.5 million, according to a Friday Hong Kong bourse filing.

The oncology-focused healthcare services provider is offering 133,105,800 shares at HK$4.22 to HK$6.75 apiece.

Bayzed secured Harvest International Premium Value (Secondary Market) Fund SPC, acting on behalf of Harvest Oriental SP, as a cornerstone investor, which committed to subscribe for up to $19 million worth of IPO shares.

The issuer expects to determine its offer price on June 19 and disclose the allocations on June 20. It will then start trading on the Hong Kong bourse on June 23, according to a stock exchange filing.

Proceeds from the deal will be used for expanding oncology services, acquiring hospitals, growing its hospital management business, upgrading IT systems, and general working capital.

CMB International Capital is the sole bookrunner of the IPO.