Contiocean Environment Tech Group (HKG:2613) launched its initial public offering in Hong Kong to raise as much as HK$398 million.

The maritime environmental protection equipment provider is offering 10 million shares at between HK$31.8 to HK$39.8 apiece.

The company secured Harvest Global Investments as a cornerstone investor, which committed to subscribe to $10 million worth of IPO shares.

Contiocean expects to determine its final offer price on Jan. 7 and disclose the allocations on Jan. 8. It intends to start trading on the Hong Kong bourse on Jan. 9, according to a Tuesday filing.

Deal proceeds will be used for R&D, mergers and acquisitions, leasing a production facility in China, upgrading existing service centers and establishing new ones, and working capital needs.

BNP Paribas, BOCI, CCB International, CEB International, Everbright Securities, and several others are the joint bookrunners of the IPO.