Excelland Robotics (HKG:3231) launched its Hong Kong initial public offering on Monday, seeking to raise up to HK$879.8 million.

The China-based robotics company is offering 45 million H-shares at between HK$14.45 and HK$19.55 each, according to a Hong Kong bourse filing.

The offering comprises 2.3 million shares for Hong Kong investors and 42.8 million shares for international investors, subject to reallocation.

The final offer price is expected to be determined by Sept. 7, with allocation results due by Sept. 8, ahead of the company's planned trading debut on Sept. 9.

The IPO has two cornerstone investors, SensePower and CYGG, who have committed to subscribe for $3 million worth of shares.

Deal proceeds will be used mainly to advance R&D, expand the R&D team, and enhance core technologies for indoor and outdoor delivery and cleaning robots.

The company also plans to fund business expansion and strategic acquisitions, strengthen sales and marketing capabilities, repay part of its bank loans, and support working capital and general corporate purposes.

Silver Nile Global Investments is serving as the sole sponsor and overall sponsor coordinator.

Silver Nile Global Investments, CEB International Capital, and CMBC Securities are acting as overall coordinators, while SDIC Securities, Harmonia Capital, and others are among the joint global coordinators.