Adaspace Technology (HKG:6935) launched its Hong Kong initial public offering on Thursday, seeking to raise up to HK$1 billion.

The China-based commercial aerospace company is offering 30.1 million H shares at a maximum price of HK$33.20 each, according to a Hong Kong bourse filing.

The offering comprises 3 million shares for Hong Kong investors and 27.1 million shares for international investors, subject to reallocation and the over-allotment option.

The IPO price is expected to be determined by Nov. 11, with allocation results due by Nov. 12, ahead of the company's planned trading debut on Nov. 13.

Deal proceeds will be used mainly to construct the Shenzhen Center and strengthen research and development capabilities.

The company also plans to pursue strategic investments and acquisitions to enhance its products, diversify satellite-based solutions, and broaden its customer base.

The remaining proceeds will be used to repay borrowings and fund working capital and general corporate purposes.

The offering has two cornerstone investors, JinkoSolar Investment and Kamshin, which have committed to subscribe for a combined HK$60 million worth of shares.

Guotai Junan Capital is acting as the sole sponsor, while Guotai Junan Securities (Hong Kong) is serving as sponsor-overall coordinator.