GenFleet Therapeutics (Shanghai) (HKG:2595) launched its initial public offering in Hong Kong Thursday, seeking to raise up to HK$1.58 billion from the share sale.

The biopharmaceutical company is offering as many as 77,600,000 shares at an indicative price of HK$20.39 apiece.

The allocation results will be disclosed Sept. 18, ahead of the company's trading debut on the bourse on Sept. 19.

GenFleet Therapeutics attracted cornerstone investors, which agreed to subscribe to $100 million of the shares on offer.

Net proceeds of HK$1.44 billion will be used to fund the clinical development of the company's two core products, GFH925 and GFH375, and other candidates. GenFleet Therapeutics will also use the proceeds for working capital and other general corporate purposes.

Citic Securities is the sole sponsor, sole sponsor-overall coordinator of the deal. The brokerage firm also acts as joint global coordinator, joint bookrunner and joint lead manager together with Bocom International, ABCI Capital and Fosun International Securities.

Meanwhile, China Renaissance, CCB International and GF Securities (Hong Kong) were also tapped as joint bookrunners, joint lead managers and/or joint global coordinators.