Chery Automobile Co is set to price its Hong Kong initial public offering at the high end of a marketed range after strong demand for the stock, according to people familiar with the matter.

The Chinese mainland’s biggest car exporter plans to price the stock at HK$30.75 each, the people said, asking not to be identified discussing a private matter. They were being offered at as low as HK$27.75 apiece.

A representative for Chery, which is planning its Hong Kong Special Administrative Region trading debut on Thursday, declined to comment.

ALSO READ: Mainland’s Chery Auto seeks up to $1.2b in HKSAR IPO

The pricing would mean Chery is poised to raise HK$9.1 billion ($1.2 billion) in the IPO, and join the slew of mainland firms going public this year in the SAR, where listing proceeds have soared to a four-year high. Zijin Gold International Co is poised to follow soon, with the mining giant preparing for a $3.2 billion IPO, the world’s biggest deal of its kind since May.

The carmaker stopped taking orders from institutional investors early thanks to high demand for the stock. The offering attracted Hillhouse Investment and other cornerstone investors that agreed to buy about $587 million in Chery shares in exchange for holding on to them for at least six months.

Chery, which assembles Jaguars and Land Rovers in the mainland, said it plans to plow the proceeds toward research and development, overseas expansion and factory upgrades.

IFR earlier reported on the pricing.