Zhongji Innolight (HKG:3308, SHE:300308) is set to raise roughly HK$52.9 billion in net proceeds from its initial public offering in Hong Kong after pricing the shares below the maximum target.

The optical interconnect service provider priced 54.5 million H-shares at HK$980 apiece, lower than its guidance of as high as HK$1,010 each, according to a Wednesday disclosure.

The Hong Kong public offering was 16.84 times subscribed, with 5.45 million shares allocated, while the international offering was 9.73 times subscribed, with 49.05 million shares allocated.

Cornerstone investors, including Tencent (HKG:0700) and Alibaba (HKG:9988), were allotted 27.2 million shares, representing 50% of the IPO shares.

Innolight is set to debut on the Hong Kong bourse Thursday, July 30.