Founder Securities is planning to raise $996 million through an initial public offering (IPO), Reuters reports. The Chinese partner of Credit Suisse will sell a total of 1.5 billion of shares, which represent around 24.6% of its enlarged capital.

Founder Securities will use the proceeds from the offering to boost its working capital. Citic Securities and Ping An Securities have been appointed to act as lead underwriters for the offering.

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