Chuangxin Industries (HKG:2788) raised HK$5.31 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$10.99 per share, the top end of the indicative range, according to an after-market filing with the Hong Kong Stock Exchange on Friday.

The alumina refining and aluminum smelting company offered 500 million shares in the global offering.

The Hong Kong public offer was 447.20 times oversubscribed, with a final allocation of 50 million shares, or 10% of the total offering.

The international offering was 19.85 times subscribed, with a final allocation of 450 million shares, or 90% of the total.

An over allotment of 75 million shares was made under the international tranche.

Cornerstone investors, including HHLR Advisors, China Hongqiao Group, Taikang Life Insurance, Glencore International, Mercuria Holdings (Singapore), and Greenwoods Asset Management, were allotted a combined total of 248.3 million shares, representing 49.7% of the global offering.

Chuangxin Industries Holdings is scheduled to debut on the Hong Kong bourse on Monday, Nov. 24.