TenNor Therapeutics (Suzhou) (HKG:6872) raised HK$598.3 million in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$75.70 per H-share, according to a Thursday after-market filing with the Hong Kong Stock Exchange.

The China-based near-commercial stage biotechnology company offered 8.9 million H-shares in the global offering.

The Hong Kong public offer was 9,015.11 times subscribed, with a final allocation of 828,100 shares, representing 9.35% of the total offering.

The international offering was 9.24 times subscribed, with a final allocation of 8 million shares, or 90.65% of the total offering.

An additional 575,450 shares were issued under the partial exercise of the offer size adjustment option.

Cornerstone investors, including AMR Action Fund, Hua Yuan International, and Orient Asset Management, were allotted a combined 3.1 million shares, representing 34.81% of the global offering, according to the filing.

TenNor Therapeutics is set to debut on the Hong Kong bourse on Friday, May 22.