(Bloomberg) -- Chinese appliance giant Midea Group Co. raised $4 billion in its Hong Kong listing in an enlarged deal that was priced at the top of the marketed range, in a show of demand for the city’s biggest share sale in over three years.

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The Foshan, China-based company sold shares at HK$54.80 apiece, it said in a statement to the Hong Kong stock exchange on Friday, confirming an earlier Bloomberg News report. The listing is scheduled to take place in Hong Kong on Tuesday. Midea sold 566 million shares after exercising an option to boost the size of the offering by 15% due to strong demand, it said.

The deal size could be increased to $4.6 billion later on if an overallotment option is exercised. Cornerstone investors, who commit to keeping shares for at least six months, have agreed to buy $1.26 billion in Midea stock, amounting to more than a third of the offering. They include a subsidiary of container-shipping company Cosco Shipping Holdings Co. and a unit of UBS Asset Management AG.

Midea had planned to offer 492.1 million shares at HK$52 to HK$54.80 a piece, according to its listing document dated Monday.

Order books were multiple times oversubscribed and closed a day earlier than planned, people familiar with the matter had said.

Alternative asset manager Hillhouse Investment and Singaporean sovereign wealth funds GIC Pte and Temasek Holdings Pte had been considering investing in Midea’s listing, Bloomberg News reported.

At $4 billion, Midea’s listing will be Hong Kong’s biggest debut since Kuaishou Technology’s $6.2 billion listing in early 2021. Midea, at the top end of the price range, would be offering a roughly 20% valuation discount to its shares in Shenzhen before the deal launched.

--With assistance from Dave Sebastian and Pei Li.

(Updates with company statement in second paragraph.)

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