Shanghai Sunmi Technology (HKG:6810) raised HK$922 million in net proceeds from its initial public offering in Hong Kong.

The offer price was set at HK$24.86 per H-share, according to a Tuesday after-market filing with the Hong Kong Stock Exchange.

The China-based business IoT services provider offered 42.6 million H-shares in the global offering.

The Hong Kong public offer was 2,003.16 times subscribed, with a final allocation of 4.3 million shares, representing 10% of the total offering.

The international offering was 7.91 times subscribed, with a final allocation of 38.4 million shares, or 90% of the total offering.

Cornerstone investors, including China Orient Enhanced Income Fund and Xinwutang, were allotted a combined 11.5 million shares, according to the filing.

Shanghai Sunmi Technology is scheduled to debut on the Hong Kong bourse on Wednesday, April 29.