Both Fast Retailing Co. Ltd.. and L Brands Inc. have agreed to buy shares in Hong Kong-based apparel company Crystal International Group Ltd., which is preparing for an IPO on the Hong Kong stock exchange, Bloomberg reported Oct 16.

Crystal International seeks to raise about HK$574 million through the offering, in which it is offering 509.3 million of its shares priced at HK$7.30 to HK$8.80 per share, according to Bloomberg.

Fast Retailing, which owns the Uniqlo chain, has agreed to purchase HK$20 million of stock in the Hong Kong company, while Victoria's Secret parent L Brands has agreed to purchase HK$10 million of stock, according to the report.

The IPO will be the biggest on the Hong Kong stock exchange by a Hong Kong-based company in over two years, Bloomberg reported.

Crystal International has appointed Morgan Stanley and HSBC Holdings Plc as joint sponsors for the offering, the report said. The report did not provide a timeline for the IPO.