HONG KONG (Feb 28) -- Apex Ace Holding on Wednesday filed to raise up to HK$145 million ($18.5 million) from an initial public offering in Hong Kong.

The semiconductor and electronic component distributor is offering 250 million shares in an indicative pricing range of 40 Hong Kong cents to 58 Hong Kong cents apiece, according to a prospectus.

Apex Ace expects to receive net proceeds of about HK$117.6 million from the offering, assuming it is priced at the midpoint of the indicative range. It plans to use the money to repay debt, establish a head office in Shenzhen, set up a new product and development department, strengthen its marketing team and meet general working capital needs.

The company's pretax profit rose 39% to HK$43.1 million for the nine months ended Sep. 30, as revenue jumped 76% to HK$1.97 billion.

The company's shares are expected to start trading on the Hong Kong stock exchange's main board on Mar. 16. Ample Capital is the sponsor for the offering.