China's 10th largest brokerage by market share, Everbright Securities revealed its plans to offer 520 million shares as domestic initial public offering of value $1.6 billion to compete with bigger firms.

Tang Shuangning, chairman of the company said "We will use the proceeds...to fully transform our growth models."

Everbright Securities set the price of the IPO in the range of19.0-20.08 yuan. However, the company has not publicized yet when its shares would begin trading.

It may be noted here that only last week China State Construction Engineering lifted $7.3 billion through IPO.

For the first half of the 2009, Everbright Securities reported a net profit of 1.2 billion yuan.

Moreover, Everbright Securities is planning to utilize the proceeds from IPO to diversify and intensify its business overseas.

Xu Haoming, Company’s President informed that very soon they would establish a subsidiary in Hong Kong.