According to reports, Springland International Holdings Ltd., a Chinese department-store hand, has decided to hold an initial public offering in Hong Kong that may kift up around HK$3.7 billion ($477 million) for the firm as well as its shareholders.

As per the sale papers, the retailers may price the stock between HK$4.85 and HK$5.93 respectively in the planned listing this month, which includes 625 million new as well as subsisting scrips.

The news further said that Morgan Stanley is managing the transaction.

Meanwhile, incomes from the scheduled IPO may help Springland to include stores to vie with competitors such as Intime Department Store (Group) Co. and Parkson Retail Group Ltd. in the world’s second- largest economy.

As per the data released by the central government, the retail sales in the country has increased to 18.4 percent in the month of August of this year, exceeding analysts’ estimations.

While talking to media, an official at Morgan Stanley in Hong Kong, Noel Cheung said “Declined to confirm the terms of the transaction. Calls to Springland’s office in the Chinese city of Wuxi weren’t answered on a public holiday.”

Springland presently works at around ten department stores in eastern China under its own name and that of “Yaohan.”

In addition, the company also owns supermarkets.