Beijing Xunzhong Communication Technology (HKG:2597) raised HK$367.5 million in net proceeds from its initial public offering in Hong Kong.

The cloud-based communication service provider priced the 30,440,000 shares offered at HK$13.55 apiece, the bottom end of the indicative range, according to a late Tuesday filing with the Hong Kong bourse.

The Hong Kong public offering was 12.79 times subscribed, with 3,044,000 shares allocated under this component, representing 10% of the global offering.

The international offering was 1.01 times subscribed, with 27,396,000 shares allotted, accounting for 90% of the global offering.

One cornerstone investor, Tongzhou International Development, was allocated 9,556,500 shares, or about 31.4% of the total offering.

Xunzhong Communication Technology is scheduled to begin trading on the Hong Kong Stock Exchange on Wednesday, July 9.