Befar Group (HKG:6745, SHA:601678) raised HK$1.16 billion in net proceeds from its initial pubic offering in Hong Kong after pricing the shares near the top of the indicative range.

The chemical company priced 352.1 million shares at HK$3.48 each, toward the upper end of its marketed range of HK$3.05 to HK$3.59 per share, according to a Thursday disclosure.

The Hong Kong public offering was 227.58 times subscribed, with 35.2 million shares allocated, while the international offering was 4.26 times subscribed, with 316.9 million shares allocated.

Cornerstone investors were allotted 112.3 million shares, representing 31.88% of the IPO shares.

Befar Group is set to debut on the Hong Kong bourse today, July 10.