Chinese automaker BAIC Motor, part-owned by Germany's Daimler AG, hopes to raise between $1.22 billion-$1.57 billion in its Hong Kong initial public offering (IPO), IFR, a Thomson Reuters publication, reported on Dec. 6.

BAIC is offering shares in a range of HK$7.60-HK$9.80 each, which translates into a 2015 price-to-earnings multiple of 6.3 to 8.3, IFR said.

Cornerstone investors have committed between $700-800 million to the IPO, the report added.

BAIC Motor is the passenger car unit of ambitious state-owned Beijing Automotive Group (BAIC). Last year, the high-end German auto maker Daimler sealed a deal to buy a 12 percent stake in BAIC Motor for 640 million euros ($786 million) to boost its China presence and secure a foothold before the long-expected IPO.