Red Avenue New Materials Group (SHA:603650, HKG:9607) has set the offer price for its Hong Kong initial public offering at HK$44 per H share.

The H shares will trade in board lots of 100 shares each, according to a Hong Kong bourse filing on Friday.

The Chinese new materials provider is offering 68.1 million H shares in the IPO, which could raise up to HK$3 billion. Trading is scheduled to begin on Sept. 29 on the Main Board.