CNGR Advanced Material (HKG:2579, SHE:300919) is looking to raise as much as HK$3.94 billion from its initial public offering in Hong Kong.

The new energy materials company is offering as many as 104,225,400 shares, expected to be priced in a range of HK$34.00 to HK$37.80, according to an early Friday morning filing with the Hong Kong Stock Exchange.

The offer price will be determined on Nov. 13, with the allocation results to be disclosed the following day. The company will make its trading debut on the bourse on Nov. 17.

CNGR attracted nine cornerstone investors, including Guizhou New Industrialization, Pointer Investment, lithium-ion batteries maker CALB Group (HKG:3931), Dongsheng Pulead Technology and Guotai Junan Investments (Hong Kong). Collectively, the cornerstone investors agreed to take in $213.5 million of the shares on offer.

Net proceeds of approximately HK$3.63 billion will be used primarily for the construction of the first phase of the company's planned production base in South Korea, for investments in the Kaiyang Phosphate Mine in China, for R&D of new energy battery materials, and for advancing its digitalization across its integrated operations.

Morgan Stanley and Huatai Financial Holdings (Hong Kong) are the deal's joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers. China International Capital Corporation Hong Kong Securities, BNP Paribas Securities (Asia) and ABCI Capital were also tapped as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.

BOCI Asia, ICBC International Securities, CCB International Capital, Mizuho Securities Asia and Tiger Brokers (HK) Global also act as joint bookrunners and joint lead managers, while First Shanghai Securities is part of the joint lead managers.