By Martin Mou

China International Capital Corp., better known as CICC, is set to raise 13.2 billion yuan ($1.97 billion) via an initial public offering of A-shares on the Shanghai Stock Exchange.

CICC, a leading brokerage and investment bank in China, said Monday that it will sell 458.6 million A-shares at CNY28.78 each and will use the proceeds to replenish working capital and support business development.

The company is scheduled to start taking orders Tuesday, and trading in its A-shares are expected to commence days after completion of the share sale.

The A-share listing of CICC, which went public in Hong Kong in 2015, comes as China further opens up its financial markets to foreign firms, which could ratchet up pressure on domestic players.

With a successful listing in Shanghai, CICC would also join the ranks of most of China's big securities brokerages, which are dual-listed in Shanghai and Hong Kong.

Write to Martin Mou at martin.mou@wsj.com

(END) Dow Jones Newswires

10-18-20 2224ET