Softcare (HKG:2698) has launched its Hong Kong initial public offering, aiming to raise up to HK$2.38 billion from the deal.

The baby and female hygiene product maker is offering 90.88 million shares at an indicative price range of HK$24.20 to HK$26.20 each, according to a Hong Kong exchange filing on Friday.

The offering comprises 9.09 million shares for Hong Kong investors and 81.80 million shares for international buyers, subject to reallocation and the overallotment option.

Pricing is expected to be determined on or around Nov. 6, with allocation results due Nov. 7, ahead of Softcare's trading debut on the Hong Kong Stock Exchange on Nov. 10.

The company plans to use the proceeds primarily to expand and upgrade production facilities across Africa, Latin America, and Central Asia, with the remainder allocated to marketing, acquisitions, system enhancements, advisory services, and working capital.

Softcare attracted cornerstone investors, including BA Capital, Arc Avenue, Boyu Capital's Arcane Nexus, Morgan Stanley's Beijing Shunao, CDH Emerging Markets, and Jane Street, among others.

China International Capital Corporation Hong Kong Securities, CITIC Securities (Hong Kong), and GF Capital (Hong Kong) serve as joint sponsors.

China International Capital Corporation Hong Kong Securities, CLSA, and GF Securities (Hong Kong) Brokerage are acting as sponsor-overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.