Guangzhou Xiao Noodles Catering Management (HKG:2408) launched its initial public offering in Hong Kong on Thursday, aiming to raise up to HK$685.4 million from the deal.

The Chinese noodle restaurant operator is offering as many as 97,364,500 shares at an indicative price range of HK$5.64 to HK$7.04 per share, according to an early Thursday morning filing with the Hong Kong Stock Exchange.

The shares are expected to be priced on Dec. 3, with the allocation results to be disclosed a day after, ahead of its trading debut on the bourse on Dec. 5.

Xiao Noodles Catering Management attracted six cornerstone investors, which agreed to subscribe to about $22.0 million of the shares on offer.

Net proceeds of approximately HK$551.6 million will be allocated for its restaurant network expansion, for advancing its technology capabilities, for brand building and boosting customer loyalty, for strategic investments, and for general corporate purposes and working capital.

CMB International Capital is the sole sponsor of the offering. It also acts as joint overall coordinator, joint global coordinator, joint bookrunner and joint lead manager together with CLSA, SDIC Securities (Hong Kong) and Futu Securities International (Hong Kong).

China Galaxy International Securities (Hong Kong) and BOCI Asia are the other joint global coordinators, joint bookrunners and joint lead managers, while Shenwan Hongyuan Securities (H.K.), Zhongtai International Securities, Livermore Holdings, ABCI Securities, and Tiger Brokers (HK) Global are the other joint bookrunners and joint lead managers.