XtalPi Holdings (HKG:2228) is looking to raise HK$2.08 billion by placing about 342.9 million shares at HK$6.10 apiece.
The new shares represent 8.52% of the company's enlarged issued share capital, according to a Wednesday filing with the Hong Kong bourse.
The drug discovery and automation solutions firm plans to use the deal proceeds for product upgrades, R&D and technology enhancements, product commercialization, business development, investments, and acquisitions.
XtalPi said it may increase the size of its investment and commitment to projects related to AI models linked to chemistry and antibodies, laboratory intelligence, traditional Chinese medicine, new materials, and new energy.
Shares of the company were up by about 8% in recent trading.
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