Rigol Technologies (HKG:0537, SHA:688337) launched its Hong Kong initial public offering on Tuesday, seeking to raise up to HK$1.14 billion.

The electronic test and measurement instrument company is offering 24.8 million H shares at a maximum price of HK$45.98 each, according to a Hong Kong bourse filing.

The offering comprises 2.5 million shares for Hong Kong investors and 22.3 million shares for international investors, with the latter subject to reallocation.

The offer price is expected to be determined by July 7, with allocation results due by July 8, ahead of the company's planned trading debut on July 9.

Net proceeds will be used primarily to enhance the company's research and development capabilities, expand production capacity and automation, and pursue strategic investments and acquisitions.

The company also plans to use the funds to strengthen its global sales, marketing, and service network, as well as for working capital and general corporate purposes.

The offering has attracted seven cornerstone investors, including HHLR Advisors, CPE Hemlock, Suzhou High-tech Zone, Hua Yuan, Sungrow Power HK, CITIC Prudential Fund, and Panglin Group, which have agreed to subscribe for shares worth a total of $61.3 million.

CITIC Securities (Hong Kong) is serving as the sole sponsor. CLSA is acting as sponsor-overall coordinator, overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager.

CMB International Capital and ICBC International Securities are serving as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers, according to the prospectus.