Shanghai Biren Technology (HKG:6082) launched its initial public offering in Hong Kong to raise as much as HK$4.85 billion.
The fabless semiconductor design company is offering 247.7 million shares at an indicative price range of HK$17 to HK$19.60 apiece, according to a Hong Kong bourse filing Monday.
The company secured 27 cornerstone investors who committed to subscribing to $372.5 million worth of IPO shares.
The issuer expects to determine its final offer price on or before Dec. 30 and disclose the allocations on Dec. 31. It will start trading on the Hong Kong bourse on Jan. 2.
Shanghai Biren will use the IPO proceeds for the research and development of its intelligent computing solutions, as well as its commercialization.
China International Capital Corporation, Ping An Securities (Hong Kong), BOCI Asia, CLSA, Orient Securities (Hong Kong), Futu Securities International, and SPDB International Capital are the joint bookrunners of the IPO.