GCL-POLY Energy Holdings Ltd, a Chinese power company, may raise HK$1.18 billion (US$152 million) from an initial public offering in Hong Kong, according to a share sale document.

The company plans to offer 288 million new shares at HK$3.30 to HK$4.10 apiece, according to the document, distributed to investors on Monday. The sale of a 29.3-percent stake values GCL-Poly Energy at as much as HK$4 billion, or 62.4 times this year's forecast earnings. GCL-Poly is raising capital to fund acquisitions and expand its cogeneration plants, which sell the steam that conventional power generators waste.