Chinese artificial intelligence company MiniMax Group is expected to price its Hong Kong initial public offering at the top of its indicated range after the deal attracted strong investor demand, three people familiar with the matter said on Monday.

The company began bookbuilding on Dec.31 with a price range of HK$151 to HK$165 per share.

At the top of that range, MiniMax would raise about HK$4.19 billion ($538 million) from the sale of 25.4 million shares, implying a market capitalisation of roughly $6.5 billion, the sources said.

The offering has been oversubscribed several times, reflecting sustained investor interest in Chinese artificial intelligence companies despite broader volatility in technology stocks and tighter global capital markets, the people said.

MiniMax was founded in early 2022 by Yan Junjie, a former executive at Chinese AI firm SenseTime. The company develops large multimodal artificial intelligence models capable of processing text, images, audio, video and music.

Its product lineup includes models such as MiniMax M1, Hailuo-02, Speech-02 and Music-01, which are designed for applications ranging from conversational AI and content generation to speech synthesis and multimedia processing.