USAS Building System (HKG:2671) launched its Hong Kong initial public offering on Thursday, aiming to raise up to about HK$225.3 million from the deal.

The integrated prefabricated steel structure building subcontracting service provider is offering 24.6 million H-shares at an indicative price range of HK$7.10 to HK$9.16 apiece, according to a Hong Kong bourse filing.

The offering comprises 2.5 million shares for Hong Kong investors and 22.1 million shares for international investors, subject to adjustment and the overallotment option.

The shares are expected to be priced on or before Dec. 24, with allocation results to be announced on Dec. 29, in time for the company's trading debut on Dec. 30.

Net proceeds will be used primarily for capital investments to expand production facilities and upgrade equipment, as well as to fund upfront costs for new projects.

Funds will also support sales and marketing, selective acquisitions and investments to strengthen the supply chain, research and development, and general working capital and corporate purposes.

Shenwan Hongyuan Capital (H.K.) is acting as the sole sponsor for the offering.

Shenwan Hongyuan Securities (H.K.) serves as the sole sponsor overall coordinator, sole overall coordinator, sole global coordinator, joint bookrunner, and joint lead manager.

ABCI Capital joins as a joint bookrunner, while ABCI Securities, BOCI Asia, Patrons Securities, SPDB International Capital, and TradeGo Markets are participating as joint lead managers.