Axera Semiconductor (HKG:0600) raised HK$2.80 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$28.20 per share, according to a Monday after-market filing with the Hong Kong Stock Exchange.

The China-based provider of AI inference systems-on-a-chip offered 104.9 million H-shares in the global offering.

The Hong Kong public offer was 104.82 times subscribed, with a final allocation of 10.5 million shares, representing 10% of the total offering.

The international offering was 6.8 times subscribed, with a final allocation of 94.4 million shares, or 90% of the total offering.

An over-allocation of 15.7 million shares was made under the global offering.

Cornerstone investors, including OmniVision HK, Xin Ma Apparel International, JSC International Investment Fund, NGS Super, and Desay SV Automotive Singapore, were allotted a combined 51.2 million shares, representing 48.76% of the global offering, according to the filing.

Axera Semiconductor is set to debut on the Hong Kong bourse on Tuesday, Feb.10.