HashKey Holdings Ltd, the operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion ($206 million) after pricing its initial public offering toward the high end of the marketed range, according to people familiar with the matter.

The company sold 240.6 million shares in its Hong Kong IPO at HK$6.68 each, the people said, asking not to be identified discussing a private matter. It had marketed the shares at HK$5.95 to HK$6.95 apiece. HashKey didn’t exercise an option to increase its deal size, the people added.

The top 20 entities in the deal got allocations for about 80 percent of the shares available in the institutional tranche, excluding shares already given to cornerstone investors, the people said. Overall, investors expressed interest for multiple times the number of shares available, they said.

HashKey didn’t immediately respond to a request for comment.

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The IPO’s performance will be a key test of Hong Kong’s push to become a regional hub for digital assets. HashKey is also part of the last wave of companies driving a strong year for listings, with proceeds on pace to hit a four-year high. Its debut would come at a volatile time for crypto, with Bitcoin having fallen around 30 percent from a record high in October.

HashKey was one of the earliest crypto exchanges to be licensed in Hong Kong, after the city unveiled a dedicated digital-asset regime in 2022. Its businesses span crypto trading, venture capital and asset management. Proceeds from the IPO will go toward scaling its technology and infrastructure, hiring talent and bolstering risk controls, the company said.

The company’s shares are set to debut Wednesday. JPMorgan Chase & Co and Guotai Junan are joint sponsors of the IPO.