Suzhou Novosense Microelectronics (HKG:2676, SHA:688052) launched its initial public offering in Hong Kong Friday, seeking to raise up to HK$2.21 billion from the deal.

The fabless chip designer is offering up to 19.1 million shares expected to be priced up to HK$116 per share, according to a prospectus filed Friday.

Novosense Microelectronics expects to determine the IPO price on Dec. 4 and disclose allocation results on Dec. 5. Shares will begin trading on the stock exchange on Dec. 8.

The company intends to use the proceeds to enhance its R&D capabilities, boost product portfolio, and grow its overseas sales network.

It will also use the proceeds to fund strategic investments, mergers and acquisitions, and working capital.

Oriza Naxin International, Golden Link Worldwide, Hield International (H.K.), Perseverance Asset Management International (Singapore), 3W Fund Management, Xiaomi (HKG:1810) subsidiary Green Better, and Dream'ee (Hong Kong) Open-ended Fund are cornerstone investors.

China International Capital Corp. Hong Kong Securities, CLSA, CCB International Capital, ABCI Capital, Soochow Securities International Brokerage, Zheshang International Financial Holdings, Orient Securities (Hong Kong), Beta International Securities, and I Win Securities are the joint bookrunners and lead managers of the IPO.