Ligent Technologies seeks to raise about HK$5.67 billion ($723m) in a Hong Kong Special Administrative Region initial public offering to fund product development and expand production, showed a prospectus filed at the stock exchange on Monday.

The Chinese mainland maker of fibre optic communications equipment has received $340 million from cornerstone investors, or 47 percent of the ​base share sale, the prospectus showed. Cornerstone investors are institutions that agree to buy ​shares before trading begins.

Cornerstone investors include Primavera Investment Fund, GigaDevice, Amlogic Hong Kong, ⁠Mirae Asset Securities HK, PAG, ORIX-backed Turquoise Hime, Barings, GF Fund and E Fund, Ligent said ​in its prospectus.

Ligent has offered 172 million shares at an offer price of HK$32.96 apiece, equivalent ​to a market value of HK$32.4 billion ($4.13b), the prospectus showed.

The offer includes an option for underwriters to sell up to 25.8 million additional shares.

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The company, controlled by mainland technology conglomerate Hisense Group Holdings, plans to list its ​shares in Hong Kong on September 22, the prospectus showed.

Reuters reported on September 3, citing two people ​familiar with the matter, that Ligent planned to launch the IPO as soon as September 14 with the ‌aim of ⁠raising around $800 million, and that it could list in the SAR on September 22.

Ligent makes optical transceivers, optical chips and network terminals used in data centers, cloud computing and telecommunications networks.

It said it will use IPO proceeds to fund research and development, expand production capacity and support general corporate ​purposes.

In the prospectus, Ligent ​disclosed a 29.7 percent net ⁠profit increase at 661 million yuan ($98.5m) for the six months ended June 30 versus the same period a year earlier, and a 27.9 percent ​increase in revenue at 5.39 billion yuan.

Sales of data-center transceivers, Ligent's largest ​business, rose ⁠36.6 percent to 3.74 billion yuan, driven by demand for equipment used in artificial intelligence and cloud computing, the prospectus showed.

Hisense is set to retain 40.1 percent of Ligent after the IPO in the event that the ⁠overallotment ​option is not used, from 48.6 percent before the offering.