Cloudbreak Pharma (HKG:2592) raised HK$522.2 million in net proceeds from its initial public offering in Hong Kong ahead of its trading debut on the bourse.

The clinical-stage ophthalmology biotechnology company issued 60,582,000 shares at the final offer price of HK$10.10, according to an after-market hours filing on Wednesday.

The Hong Kong public offering was 78.78 times subscribed, triggering a clawback of 6,057,000 shares from the international offering to take the total number of shares offered under this component to 12,115,500 from 6,058,500 initially.

Following the reallocation, the number of shares offered under the international offering, which was 0.89 times subscribed, was reduced to 48,466,500 from 54,523,500.

Cloudbreak Pharma will make its trading debut on the Hong Kong Stock Exchange when the opening bell sounds on Thursday, July 3.