Ligent Technologies (HKG:9856) launched its Hong Kong initial public offering on Monday, seeking to raise up to HK$5.7 billion.

The Hisense-controlled optical communication products maker is offering over 172 million shares at HK$32.96 apiece, according to a bourse filing.

The share allocation results are expected by Sept. 21, and the company will begin trading on the HKEX on Sept. 22.

Net proceeds will be used to strengthen the company's R&D, increase production capacity of optical transceivers and optical chips, grow its international presence, and for general corporate purposes.

The IPO has attracted 24 cornerstone investors, including chipmakers GigaDevice (SHA:603986, HKG:3986) and Amlogic (SHA:688099), as well as asset manager Barings, which committed to subscribe for shares totaling HK$2.7 billion.

Citigroup Global Markets Asia, CLSA, GF Securities Hong Kong, and Futu Securities International Hong Kong are acting as overall coordinators and joint global coordinators.