New Gonow Recreational Vehicles (HKG:0805) raised HK$253.4 million in net proceeds from its Hong Kong initial public offering after pricing the shares above the lower end of the indicative price range.

The recreational vehicles manufacturer issued 240 million shares at HK$1.27 apiece, slightly higher than the bottom end of the HK$1.24 to HK$1.64 guidance, according to a Friday disclosure.

The deal's Hong Kong or public offering portion was 2.52 times subscribed, with the company maintaining the original 24 million shares allotted to the public offering.

The international or placing shares were 1.01 times subscribed, and the firm issued 216 million shares.

New Gonow Recreational Vehicles will start trading on the Hong Kong bourse today, Jan. 13.