HQVT Technology (HKG:1392) launched its Hong Kong initial public offering on Thursday, seeking to raise about HK$613.2 million from the deal.

The China-based multispectral artificial intelligence technology company is offering 85.2 million H-shares at HK$7.20 apiece, according to a Hong Kong bourse filing.

The offering comprises 8.5 million shares for Hong Kong investors and 76.6 million shares for international investors, subject to reallocation.

Allocation results are expected to be disclosed on June 18, ahead of the company's planned trading debut on June 22.

Net proceeds will be used primarily to enhance HQVT Technology's research and development capabilities and accelerate product development.

The company also plans to use the funds to expand production capacity, strengthen business expansion and global market penetration, and for working capital and general corporate purposes.

CMBC International Capital and SPDB International Capital are acting as joint sponsors.

CMBC Securities and SPDB International Capital are serving as sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.

Livermore Holdings is acting as an overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager.

Other joint bookrunners and joint lead managers include CCB International Capital, CEB International Capital, China Harbour International Securities, CMB International Capital, DL Securities (HK), Huafu International Securities, Skyvast Securities, Somerley Capital, Yuen Meta (International) Securities, Yunfeng Securities, Zheshang International Financial Holdings and Zhongtai International Securities.