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Times Ltd, a Shanghai-based operator of hypermarkets and supermarkets, may raise as much as HK$880.3 million (US$113 million) in a Hong Kong initial public offering, according to an e-mail sent to international institutions yesterday.

Times is selling 210.6 million new shares, or a 25 percent stake, at HK$3.60 to HK$4.18 apiece to fund expansion and repay debt, according to the e-mail. The range represents 16.3 times to 18.6 times its estimated 2008 earnings.

Times, which operates 55 stores with a combined gross floor area of 586,049 square meters in 42 cities in East China, is raising money to open 18 new stores by next year, according to a share sale document, Bloomberg News said.

Chinese retail companies are increasing store numbers to compete with foreign rivals. Wal-mart Stores Inc and Carrefour SA are speeding up expansion in the country where retail sales topped 3.5 trillion yuan (US$460 billion) in the first five months, 15.2 percent more than a year earlier.