Yashili, the Chinese infant-formula maker, has raised US$349m in its IPO, leading investor Carlyle has confirmed to just-food.

The company, which plans to list in Hong Kong and expects to see its shares start trading on Monday (1 November), sold 644m shares at HK$4.20 each.

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The offering has a so-called green-shoe option that allows the underwriter of the IPO to sell 15% more shares, which would see Yashili raise US$401m. A green-shoe option gives the underwriter the right to sell more shares in a company if demand proves higher than expected.

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