Hesai Group (HKG:2525) said its underwriters fully exercised the overallotment option of its Hong Kong listing, according to a Hong Kong bourse filing Tuesday.

Shares of the three-dimensional light detection and ranging product developer fell over 2% in late morning trade on Wednesday.

The company will issue 2,932,500 shares at HK$212.80 apiece for additional net proceeds of HK$605.9 million.

The overallotment option was exercised after 7,161,800 H shares were over-allocated in the international portion of the IPO.

The number of shares held by the public after the exercise of the overallotment option amounted to approximately 99.53% of the company's total issued class B shares, meeting Hong Kong's listing requirements of at least 15%.