Suzhou Denglin Technology (HKG:9917) launched its Hong Kong initial public offering on Friday, seeking to raise up to HK$1.76 billion.

The China-based technology company is offering 6.1 million H shares at a maximum price of HK$288.00 each, according to a Hong Kong bourse filing.

The offering comprises 306,250 shares for Hong Kong investors and 5,818,750 shares for international investors, subject to reallocation and the over-allotment option.

The offer price is expected to be determined by Nov. 6, with allocation results due by Nov. 9, ahead of the company's planned trading debut on Nov. 10.

The proceeds will be used mainly to upgrade and commercialize existing GPU product lines, develop and commercialize new product categories, and build software tool chains for chip products.

The company also plans to strengthen its sales and marketing capabilities, with the remainder allocated to working capital and general corporate purposes.

The IPO has five cornerstone investors, including Hua Yuan, Sky Giant, Chinese Consortium, ZGD Capital and Everbright Wealth Management, which have committed to subscribe for a combined HK$646.4 million worth of shares.

CITIC Securities (Hong Kong), China Securities (International) Corporate Finance and BOCI Asia are serving as joint sponsors. CLSA is acting as a sponsor-overall coordinator, alongside China Securities (International) Corporate Finance and BOCI Asia.