Suzhou Novosense Microelectronics (HKG:2676, SHA:688052) said its underwriters partially exercised the overallotment option of its Hong Kong listing, and the stabilization period of its initial public offering ended on Friday, Jan. 2, according to a same day filing with the Hong Kong bourse.

Shares of the fabless chip designer fell nearly 2% in midday trade Monday.

The company will issue 1.03 million H Shares at HK$116 apiece for additional net proceeds of HK$114.9 million.

The overallotment option was exercised after 2,860,200 H shares were over-allocated in the international portion of the IPO.

A further 1.83 million H shares were purchased from the open market during the stabilization period to meet the over allocation.

The number of shares held by public after the exercise of the overallotment option amounted to at least 10% of the total issued share capital of the company, meeting Hong Kong's listing requirements.