Frontage Holdings Corp. raised about HK$1.52 billion from an IPO on the Hong Kong Stock exchange, excluding the exercise of an overallotment option.

The company's shares closed at HK$3.35 on the first day of trading, representing an increase of about 4.69% from the offer price of HK$3.20.

Frontage Holdings is the parent company of Frontage Laboratories Inc., a contract research organization focused on providing laboratory and related services to pharmaceutical and agrochemical companies.

The company plans to use the net proceeds to further expand its product development services capacity and capabilities, and to capitalize on growth opportunities in the U.S. and China.