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China Merchants Securities Co Ltd said it plans to issue 358.55 million A shares, representing 10 percent of its total capital, in a domestic initial public offering (IPO).

The IPO proceeds will be used to supplement its operational funds, the company said in a draft prospectus published on the official website of the China Securities Regulatory Commission.

It did not say how much it plans to raise from the share sale.

The company's net assets per share ahead of the IPO amounts to 2.42 yuan (35 US cents).

State-owned China Merchants Group indirectly holds a controlling 51.65 percent stake in the brokerage at present.

Goldman Sachs and UBS Securities are joint underwriters for the IPO.

The securities regulator said it will review China Merchants Securities' IPO application on Monday, September 8.