JST Group Corporation (HKG:6687) launched its initial public offering in Hong Kong on Monday, aiming to raise about HK$2.09 billion from the deal.

The Chinese e-commerce SaaS ERP provider is offering 68.17 million shares at an offer price of HK$30.60 each, according to a Monday Hong Kong bourse filing.

The offer comprises 6.82 million shares for Hong Kong investors and 61.35 million for international buyers, subject to reallocation, the offer size adjustment option, and the overallotment option.

Allocation results are expected to be disclosed Oct. 20, ahead of the company's trading debut on the Hong Kong Stock Exchange on Oct. 21.

The IPO attracted 13 cornerstone investors, including Blue Lake Capital Opportunity Fund, CUAM Entities, DAMSIMF, Fourier Global Master Fund, Granite Asia VIII Investments.

Net proceeds will be used primarily to enhance R&D capabilities, strengthen sales and marketing, pursue strategic investments, and fund general corporate purposes over the next five years.

China International Capital Corporation Hong Kong Securities, and J.P. Morgan Securities (Far East) were tapped as joint sponsors, sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.

They are joined by Futu Securities International (Hong Kong) as a joint bookrunner and joint lead manager.