FS.com (HKG:3355) launched its Hong Kong initial public offering on Friday, seeking to raise up to HK$1.66 billion from the deal.

The China-based direct-to-customer networking equipment provider is offering 40 million H-shares at a maximum price of HK$41.60 per share, according to a Hong Kong bourse filing.

The offering comprises 4 million shares for Hong Kong investors and 36 million shares for international investors, subject to reallocation and the overallotment option.

The offer price is expected to be determined by March 19, with allocation results due March 20, ahead of the company's planned trading debut on the Hong Kong Stock Exchange on March 23.

Net proceeds will be used mainly to enhance the group's technology platform, including research and development for networking equipment, operating systems, and cloud-based network management.

Funds will also support the expansion of the global supply chain and delivery capabilities, including the establishment of a regional headquarters and delivery center in Singapore, as well as upgrades to digital infrastructure and the online sales platform.

The remaining proceeds will be used for working capital and general corporate purposes.

China International Capital Corporation Hong Kong Securities, China Securities (International) Corporate Finance, and China Merchants Securities (HK) are serving as joint sponsors, overall coordinators, and joint global coordinators.

They are also acting as joint bookrunners and joint lead managers, alongside BOCI Asia, Futu Securities International (Hong Kong) and Tiger Brokers (HK) Global.