Want Want China Holdings Ltd., China's largest maker of rice cakes and flavored milk, and its owners may raise HK$11.1 billion ($1.4 billion) in Hong Kong's biggest food and beverage initial public offering.

The owners of Shanghai-based Want Want, which withdrew from the Singapore stock exchange last year, will offer 2.32 billion shares at HK$3.00 to HK$4.10 each, according to a sale document sent by e-mail to international institutions. The company will sell an additional 397.6 million of new shares.