Nexchip Semiconductor (HKG:2249, SHA:688249) is poised to receive HK$6.78 billion in net proceeds from its initial public offering in Hong Kong after pricing the shares at the upper limit of the indicative range.

The semiconductor foundry issued 216.2 million shares at HK$32.30 apiece, the top end of its guidance of as low as HK$30 per share, according to a Thursday disclosure.

The Hong Kong public offering was 344.26 times subscribed, with 21.6 million shares allocated, while the international offering was 14.62 times subscribed, with 194.6 million shares allocated.

Cornerstone investors were allotted 107.9 million shares, representing almost half of the IPO shares.

Nexchip Semiconductor is scheduled to debut on the Hong Kong bourse today, July 10.