Huatai Securities (601688), a Jiangsu-based medium-sized brokerage which operates the AIG-Huatai Fund Management Company in a venture with American International Group, is seeking to raise up to 17.26 billion yuan from its initial public offering (IPO) after setting a price range of between 20 yuan to 22 yuan per share for its IPO, reports NetEase, citing a company filing. 

The brokerage intends to sell 784.561 million shares, accounting for 14.01 percent of its enlarged share capital post-listing. The price range values the company at between 29.41 times to 32.35 times 2009 earnings.

It was previously reported that of the total number of shares on offer, the institutional tranche will take up 30 percent or approximately 235.368 million shares of the offering. The on-line portion of the offering will account for 70 percent or approximately 549.193 million shares.

Proceeds raised will be used to replenish working capital for its main operating units, boost investments in its venture capital business and to inject capital into its subsidiaries.

At present, the largest shareholder of Huatai Securities is Jiangsu Guosen Asset Management Group, which holds a 28.9468 percent stake or 1.393 billion shares in the company.

In 2009, Huatai Securities recorded net profit of 3.795 billion yuan. Revenue hit 9.563 billion yuan.