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Report: China Merchants Securities seeks to raise up to US$1.47B in Hong Kong IPO

is looking to raise up to US$1.47 billion through its plannedHong Kong IPO, Reuters reported Sept. 23, citing the IFR.

The companyplans to raise around US$1.3 billion to US$1.47 billion through the issuance of891 million shares, the IFR said,citing "sources familiar with the matter." The preliminary pricerange for the IPO is between HK$11.54 and HK$12.78 per share.

Thecompany is looking to sell 60% of the offering to around 10 cornerstoneinvestors.

ChinaMerchants Securities was not available to comment immediately on the report,the publication said.