Fibocom Wireless (HKG:0638) raised HK$2.81 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$21.50 per share, the top end of the indicative range, according to an after-market filing with the Hong Kong Stock Exchange on Tuesday.

The wireless communication module maker offered 135.1 million H-shares under the global offering.

The Hong Kong public offer was 550.99 times oversubscribed, with a final allocation of 13.5 million shares, or 10% of the total offering, unchanged from the initial allotment.

The international offering was 9.16 times subscribed, with a final allocation of 121.6 million shares, or 90% of the total offering.

An over allotment of 20.3 million shares was made under the international tranche.

Cornerstone investors, including Qindao Gantong, Pacific Asset Management, GF Fund Management, Ruihua Investment, and Genimous Investment, were allotted 58.1 million shares, or about 43% of the global offering.

Fibocom Wireless is scheduled to debut on the Hong Kong bourse on Wednesday, Oct. 22.