China ITS (Holdings) Co., part-owned by Temasek Holdings Pte, and shareholders raised HK$827 million ($147 million) in a Hong Kong initial public offering, according to two people familiar with the sale.

Beijing-based ITS and shareholders sold a combined 236.84 million shares, or a 15% stake, at HK$3.49 apiece, according to the people, who declined to be identified because the information isn’t yet public. A call made to China ITS’s press office in Beijing after regular business hours wasn’t immediately returned.

About 84% of the shares are newly issued by the company, and the rest are sold by shareholders including CCBI Asset Management and Baring Private Equity Asia, according to a term sheet for the sale obtained earlier by Bloomberg News.

Two of its pre-IPO investors planned to buy more stock in the share sale as corporate investors who agree not to sell their holdings for six months, the terms showed.

Temasek, the state-owned investment company in Singapore, intended to buy US$11.5 million ($15.9 million) worth of shares in the IPO. Other pre-IPO investors in the company include GE Capital and Intel Capital, the terms showed.

Bank of America Corp.’s Merrill Lynch & Co. unit, CCB International (Holdings) and Macquarie Group have been managing the sale.

China ITS, which provides information technology for transportation infrastructure projects, intends to use the IPO proceeds for acquisitions, to replenish its working capital and for research and development, according to the term sheet.