Jiangsu Hengrui Pharmaceuticals (HKG:1276, SHA:600276) priced its initial public offering in Hong Kong at the upper limit of its indicative range to raise HK$9.75 billion in net proceeds.

The Chinese drugmaker issued 224.5 million shares at HK$44.05 each, the top end of its guidance of as low as HK$41.45 per share, according to a Thursday filing with the Hong Kong Exchange.

The deal's Hong Kong public offering portion was 454.9 times subscribed, prompting the company to issue 48.3 million shares, a near fourfold increase from the 12.3 million shares initially allotted.

The international offering portion was 17.1 times subscribed, and the firm issued 176.2 million shares, lower than the initial allocation of 212.2 million.

The cornerstone investors, including Singaporean sovereign wealth fund GIC, subscribed to a total of 93.7 million IPO shares.

Hengrui Pharma starts trading on the Hong Kong bourse today, May 23.