Credit Suisse China partner plans $1 bln Shanghai IPO-IFR

SHANGHAI, July 26 (Reuters) - Founder Securities, the Chinese partner of Credit Suisse, has set a suggested price target to raise up to 6.42 billion yuan ($996 million) from its planned initial public offering in Shanghai, IFR reported on Tuesday.

Founder Securities is offering up to 1.5 billion shares, or 24.6 percent of its enlarged capital.

The company has set a guidance range for institutional investors during premarketing at 3.49-4.28 yuan, representing a high earnings multiple of 22 to 27 times, according to IFR, a Thomson Reuters publication.

Founder Securities will set the final price range for the IPO on July 28. Bookbuilding will start on July 29 and pricing is slated for Aug. 2.

Founder Securities has appointed Citic Securities and Ping An Securities as lead underwriters and will use the IPO proceeds to replenish working capital.

Founder Securities owns 66.7 percent of Credit Suisse Founder, its investment bank joint venture with Credit Suisse . Credit Suisse owns the remaining third. ($1 = 6.445 Chinese Yuan) (Reporting by Ken Wang at IFR, Writing by Samuel Shen; Editing by Kazunori Takada)