Investing.com -- Luxshare Precision Industry announced Tuesday it priced its Hong Kong listing at the top of its marketed range, raising approximately HK$24.27 billion ($3.09 billion).

The Shenzhen-listed Apple supplier set the offer price at HK$63.28 per H-share and will sell 383.5 million shares.

According to its prospectus, Luxshare plans to use the proceeds to expand manufacturing capacity in automotive and consumer electronics sectors, fund artificial intelligence-driven factory upgrades, pursue acquisitions, repay debt and support working capital.

A large portion of the funds will support expansion of the company's automotive electronics business, marking Luxshare's push beyond consumer electronics into the intelligent vehicle supply chain.

The company said it plans to announce the level of investor demand for its international offering and allocation results on July 8.

Trading of its shares is scheduled to begin on the Hong Kong Stock Exchange at 9:00 a.m. local time on July 9.

Founded by Chinese billionaire Wang Laichun, Luxshare is one of Apple's largest suppliers and manufactures electronic devices, including routers, wireless charging modules and video conferencing equipment.