Fibocom Wireless (HKG:0638) launched its initial public offering in Hong Kong Tuesday, aiming to raise up to HK$2.9 billion from the deal.

The wireless communication module provider is offering 135.08 million H-shares at an indicative price range of HK$19.88 to HK$21.50 each, according to a Tuesday Hong Kong bourse filing.

The offer comprises 13.51 million shares for Hong Kong investors and 121.57 million for international buyers, subject to reallocation and an overallotment option.

Allocation results are expected to be disclosed Oct. 21, ahead of the company's trading debut on the Hong Kong Stock Exchange on Oct. 22.

The listing attracted 10 cornerstone investors, including Qindao Gantong, Pacific Asset Management, CPIC (HK), GF Fund Management, GF International, and Ruihua Investment.

Net proceeds will be used primarily to fund R&D focused on AI and robotics technologies, construct a new manufacturing facility in Shenzhen, repay bank borrowings, pursue strategic investments and acquisitions, and for working capital.

CITIC Securities (Hong Kong) was tapped as the sole sponsor. CLSA serves as the sponsor-overall coordinator and overall coordinator, while CLSA, SDICS International Securities, and CMB International Capital are joint global coordinators, joint bookrunners, and joint lead managers.

They are joined by ABCI Capital, China Sunrise Securities (International), Futu Securities International, and ABCI Securities as joint bookrunners and joint lead managers.