Hutchison Whampoa Ltd, controlled by billionaire Li Ka-shing, is seeking $5.83 billion from the sale of Chinese port assets in what may be Singapore's biggest initial public offering (IPO), Bloomberg reported Monday.

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The world's largest operator of container terminals is offering about 5.4 billion units in a trust at a price of 91 cents to $1.08 each, according to a term sheet. Hong Kong-based Hutchison announced plans for the sale last month, the report said.

Cornerstone investors led by Capital Research & Management Co and Paulson & Co will invest $1.62 billion in the IPO, said the report citing Hutchison's Monday statement. The trust will have a total market value of as much as $9.4 billion, according to the statement.

The trust will own assets including container terminals in Hong Kong and neighboring Guangdong province. Hutchison will manage the trust and retain a 25 percent stake, according to a Jan 18 statement.