Xuanzhu Biopharmaceutical (HKG:2575) raised HK$701.0 million in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$11.60 per share, according to an after-market filing with the Hong Kong Stock Exchange on Tuesday.

The biopharmaceutical firm offered 67.33 million H-shares, including 3.37 million reserved shares under the preferential offering.

The Hong Kong public offer was 4,908.33 times oversubscribed, with the final allocation of 6.73 million shares, or 10% of the total offering, unchanged from the initial allotment.

The international offering was 10.15 times subscribed, with a final allocation of 60.6 million shares, including the reserved portion, or 90% of the total offering. No over-allotment option was exercised.

Cornerstone investor Beijing Denov Ruilang Phase XV Equity Investment Fund Center (Limited Partnership) was allotted 6.60 million shares, or about 9.8% of the global offering.

Xuanzhu Biopharmaceutical is scheduled to debut on the Hong Kong bourse on Wednesday, Oct. 15.