Ingenic Semiconductor (HKG:3223, SHE:300223) is set to receive HK$3.05 billion in net proceeds from its initial public offering in Hong Kong after pricing the shares below the maximum target.

The fabless chip company priced 31.3 million H-shares at HK$100 apiece, lower than its guidance of as high as HK$102.80 each, according to a Monday disclosure.

The Hong Kong public offering was 927.37 times subscribed, with 3.13 million shares allocated, while the international offering was 8.43 times subscribed, with 28.2 million shares allocated.

Cornerstone investors were allotted 15 million shares, representing 48.05% of the IPO shares.

Ingenic is set to debut on the Hong Kong bourse on Tuesday, Aug. 25.