Xiaocaiyuan International Holding (HKG:0999) has raised HK$794.8 million in net proceeds from its initial public offering in Hong Kong.
The Chinese restaurant chain is offering 101,180,800 shares at no more than HK$8.5 apiece, according to a Thursday filing on the bourse.
The deal's Hong Kong or public offering portion was 1.44 times oversubscribed, with the firm maintaining the allocation at 10,118,400 shares.
The international or placing shares were 1.29 times oversubscribed, and the firm issued 91,062,400 shares.
Proceeds from the deal will be used to expand the restaurant network, strengthen the supply chain, upgrade smart devices and digital systems, and increase working capital and general corporate purposes, according to its prospectus.
Xiaocaiyuan International will start trading on the Hong Kong bourse today, Dec. 20.
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