MiniMax Group (HKG:0100) launched its Hong Kong initial public offering on Wednesday, aiming to raise as much as HK$4.19 billion.

The artificial intelligence company is offering 25,389,220 shares at an indicative price range of HK$151 to HK$165 per share, according to a Hong Kong bourse filing on Wednesday.

The offering comprises nearly 1.3 million shares for Hong Kong investors and 24.1 million shares for international investors, subject to reallocation and the overallotment option.

The company secured 14 cornerstone investors, who committed to subscribing to $350 million worth of IPO shares.

The issuer expects to determine its final offer price on or before Jan. 7 and disclose the allocations on Jan. 8. It will start trading on the Hong Kong bourse on Jan. 9.

Net proceeds will be used primarily for research and development of the company's artificial intelligence models, as well as for working capital.

China International Capital Corporation Hong Kong, UBS, Goldman Sachs (Asia), Morgan Stanley Asia, Futu Securities International (Hong Kong), and Tiger Brokers (HK) Global are the joint bookrunners of the IPO.