Chinese mainland chip designer Montage Technology Co is planning to price its Hong Kong listing at the highest possible figure, according to people familiar with the matter, putting it on course to raise HK$7 billion ($902 million).

The Shanghai-based company, whose shares are also traded in the city, is set to price 65.9 million shares in its Hong Kong listing at HK$106.89 apiece, the people said, asking not to be named to discuss a private matter. The price represents a discount of 47 percent to Monday’s closing price of 177.93 yuan.

Montage plans to stop taking orders from institutional investors Tuesday, a day earlier than originally expected, the people said.

ALSO READ: Alibaba, JPMorgan said to invest in chip designer Montage’s HK listing

Investors altogether bid for multiple times the amount of stock available, with sovereign-wealth funds and long-only investors — which generally invest in shares they expect to rise while abstaining from short selling — having expressed enough interest to buy all shares on offer, people familiar with the matter have said.

Montage didn’t respond to a request for comment. The company is set to debut its shares next Monday.

READ MORE: Mainland chip designer Montage is said to hire banks for $1b listing in HKSAR

The fervent demand for Montage’s shares builds on what was the busiest ever January for Hong Kong listings. Mainland companies tied to artificial intelligence largely fueled the frenzy.

Founded in 2004, Montage designs chips that help speed data flows within data centers and AI accelerators. The company said it would use proceeds from the offering for hiring, investments and acquisitions.

China International Capital Corp, Morgan Stanley and UBS Group AG are joint sponsors of Montage’s listing.