Victory Giant Technology Huizhou Co began taking investor orders for a listing in the Hong Kong Special Administrative Region that may raise as much as HK$17.5 billion ($2.2 billion) in what is set to be among the city’s largest first-time share sales this year.

The maker of printed circuit board products — the intricate electronic backbone of artificial-intelligence servers — is offering 83.3 million shares at as much as HK$209.88 each, according to a listing document released on Monday. The firm has options to increase the deal size to almost $3 billion.

The price represents a discount of about 37 percent to Victory Giant’s closing price on Friday in Shenzhen, where the firm’s shares are already traded. The fervor for AI has driven the stock up fourfold over the past year, valuing the firm at $37 billion as of Friday. Victory Giant shares rose as much as 4.2 percent in Shenzhen. Double-listed firms are generally trading at a more than 15 percent discount in Hong Kong to their onshore prices.

Thirty-seven cornerstone investors — which get guaranteed allocation in a listing in exchange for holding the shares for at least six months — are buying about $997 million worth of stock. They include Yunfeng Capital, Morgan Stanley & Co International Plc, asset manager Hillhouse Investment and South Korea’s Mirae Asset Securities Co, confirming an earlier Bloomberg News report.

By early afternoon Monday, investors had expressed enough interest to buy all shares on offer, people familiar with the matter said, asking not to be identified to discuss a private matter. Victory Giant didn’t immediately respond to a request for comment.

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Founded in 2006, Victory Giant counts Nvidia Corp among its key partners. The firm is seen as a leader in high-density interconnect and multi-layer PCBs that are crucial for AI chips.

Surging demand for AI drove the Huizhou-based company’s shares up more than 580 percent in 2025, making it the top-performer on the MSCI Asia Pacific Index. Victory Giant posted revenue of 19.3 billion yuan ($2.8 billion) last year, with analysts polled by Bloomberg forecasting a 70 percent jump in 2026.

The rally has cooled this year, but even after the gains, Victory Giant trades at about 24 times forward earnings in Shenzhen — a sharp discount to the roughly 50-times multiple of the mainland’s chip-focused Star50 Index.

JPMorgan Chase & Co, China Securities International and GF Securities Co are the joint sponsors of the offering.