Chow Tai Fook is seeking to raise around $3 billion in an initial public offering (IPO), The Wall Street Journal reports. The Hong Kong-based jewellery retailer has hired Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Citigroup, Credit Suisse and UBS as the underwriters for the offering.

The company, controlled by billionaire, Cheng Yu-tung, plans to start the trading of its shares in Hong Kong in the first quarter of 2012. The retailer aims to open 200 stores every year, with 90% of them in China, adds Reuters.

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