OmniVision Integrated Circuits Group (HKG:0501) launched its Hong Kong initial public offering on Wednesday, aiming to raise up to HK$4.8 billion.

The fabless semiconductor design company is offering 45.8 million H shares at an indicative price of up HK$104.80 per share, according to a Hong Kong bourse filing.

The offering comprises 4.6 million H shares for Hong Kong investors and 41.2 million H shares for international investors, subject to reallocation and the overallotment option.

The company secured 10 cornerstone investors that committed to subscribe to $279.4 million worth of IPO shares.

The issuer expects to determine its final offer price on or before Jan. 8 and disclose the allocations on Jan. 9. It will start trading on the Hong Kong bourse on Jan. 12.

Net proceeds will primarily be used for research and development of key technologies, global market penetration, strategic investments, and working capital.

UBS, China International Capital Corp., Ping An Securities, GF Securities, Haitong International Securities, CLSA, and TradeMaster Securities are the joint bookrunners of the IPO.