Chinese large language model startup MiniMax closed its Hong Kong IPO subscription on Jan 6, with the retail tranche oversubscribed 1,209 times, Chinese financial media outlet China Business Network reported, citing data from Futu Securities.

Margin financing for the offering topped HK$253.3 billion, the report said. A filing from Hong Kong Exchanges and Clearing showed that MiniMax is expected to start trading on Jan 9.

The company plans to offer 25.4 million shares in Hong Kong at an indicative price range of HK$151 to HK$165 per share, raising an estimated HK$3.83 billion to HK$4.19 billion.