Chinese developer Dalian Wanda Commercial Properties Co Ltd will likely price its Hong Kong initial public offering in the upper half of expectations, IFR reported on Monday, citing a message from underwriters to investors.

The company, backed by Chinese billionaire Wang Jianlin, has offered 600 million new shares in the IPO, in an indicative range of HK$41.80-HK$49.60 each, according to a term sheet seen by Reuters. At the top of expectations, Dalian Wanda would raise HK$29.8 billion ($3.84 billion).

Investment banks will typically send messages to fund managers during the bookbuilding process of an IPO to inform them how the process is coming along and whether investors have to adjust their bids to increase their chances of getting allocation on deals.

Dalian Wanda did not immediately return an e-mailed request for comment on the IPO bookbuilding.