Founder Securities, the Chinese partner of Credit Suisse, has set a suggested price target to raise up to 6.42 billion yuan ($996 million) from its planned initial public offering (IPO) in Shanghai, International Financing Review (IFR) reported on Tuesday.

Founder Securities is offering up to 1.5 billion shares, or 24.6 percent of its enlarged capital.

The company has set a guidance range for institutional investors during premarketing at 3.49-4.28 yuan, representing a high earnings multiple of 22 to 27 times, according to IFR, a Thomson Reuters publication.

Founder Securities will set the final price range for the IPO on July 28. Bookbuilding will start on July 29 and pricing is slated for August 2.

Founder Securities has appointed Citic Securities and Ping An Securities as lead underwriters and will use the IPO proceeds to replenish working capital.

Founder Securities owns 66.7 percent of Credit Suisse Founder, its investment bank joint venture with Credit Suisse. Credit Suisse owns the remaining third.