Deepexi Technology (HKG:1384) launched its initial public offering in Hong Kong, aiming to raise about HK$710 million from the deal.

The enterprise large model AI application provider is offering 26.63 million H-shares at HK$26.66 each, according to a Monday Hong Kong bourse filing.

The offer comprises 1.33 million shares for Hong Kong investors and 25.30 million for international buyers, subject to adjustment.

Allocation results are expected to be announced Oct. 27, ahead of the company's trading debut on the Hong Kong Stock Exchange on Oct. 28.

Deepexi expects proceeds to be used to enhance R&D capabilities, to expand its sales network and customer base in China, and to support overseas expansion.

CITIC Securities (Hong Kong), CMBC International Capital, Guotai Junan Capital, SPDB International Capital, and BOCOM International (Asia) are acting as joint sponsors for the offering.

CLSA serves as the joint sponsor-overall coordinator and overall coordinator, joined by CMBC Securities, Guotai Junan Securities (Hong Kong), SPDB International Capital, and BOCOM International Securities, which are also acting as joint global coordinators, joint bookrunners, joint lead managers, and capital market intermediaries.

Livermore Holdings and Yellow River Securities additionally serve as joint lead managers and capital market intermediaries.