Chinese artificial intelligence startup MiniMax Group is seeking to raise up to HK$4.19billion ($538.54million) in an initial public offering in Hong Kong, a regulatory filing showed on Wednesday.

The company plans to offer a total of 25.4million shares in a global offering, with an indicative price range of HK$151.00 to HK$165.00 per share, according to the filing.

China International Capital Corp and UBS are acting as sponsors for the listing, while Goldman Sachs and Morgan Stanley are serving as overall coordinators alongside the two sponsors.

In July, Reuters reported that MiniMax could raise between HK$4billion and HK$5billion in the IPO, implying an overall valuation of around $4billion.

MiniMax is among the first wave of Chinese artificial intelligence companies to pursue a public listing, as investor interest in the sector has strengthened following the rise of DeepSeek, China’s domestic alternative to ChatGPT, earlier this year.

Founded in early 2022 by former SenseTime executive Yan Junjie, MiniMax has rapidly become one of China’s more prominent AI startups amid the boom in generative artificial intelligence.