GenFleet Therapeutics (Shanghai) (HKG:2595) raised HK$1.67 billion in net proceeds from its initial public offering in Hong Kong, with the final offer price set at HK$20.39 per share.

The biopharmaceutical firm offered 89,240,000 H shares after fully exercising the offer size adjustment option for 11,640,000 shares, according to an after-market filing with the Hong Kong Stock Exchange on Thursday.

The Hong Kong public offer was 2,662.79 times oversubscribed, with the final allocation of 7,760,000 shares, or about 8.7% of the total offering, unchanged from the initial allotment.

The international offering was 39.05 times subscribed, with the final allocation of 81,480,000 shares, up from 69,840,000 shares initially. An overallotment of 13,386,000 shares was made under the international tranche.

Cornerstone investors, including RTW Master Fund, TruMed Health Innovation Fund, OrbiMed Genesis Master Fund, UBS Asset Management Singapore, Vivo Opportunity Fund, and Fullgoal Fund Management, were allotted a combined 38.23 million shares, or about 42.8% of the global offering.

GenFleet Therapeutics will make its trading debut on the bourse on Friday, Sept. 19.