CGN Power Co. Ltd., China's largest nuclear power producer, has launched an initial public offering in Hong Kong worth up to $3.2 billion, the first of several big listings set to make for a busy end to 2014 in Asia Pacific equity capital markets.

In a plan to raise funds to expand its generating capacity, CGN Power is offering 8.82 billion new shares in an indicative range of HK$2.43 to HK$2.78 each, according to a term sheet of the deal seen by Reuters on Monday. That would value the IPO at up to HK$24.52 billion ($3.16 billion).

At the top of its range, the deal would be the second-largest in the region so far this year after a $4.9 billion IPO by state-owned health insurer Medibank Private Ltd (MPL.AX) in Australia.

It comes ahead of an expected $6 billion Hong Kong listing by shopping mall developer Dalian Wanda Commercial Properties Co Ltd, and a $2 billion sale in Thailand by broadband infrastructure firm Jasmine International PCL.

Companies have raised $51.2 billion in IPOs so far in 2014, according to Thomson Reuters data. That represents a 42 percent surge from the same period last year, because of increased activity in Australia and as new listings resumed in mainland China.

CGN Power could not immediately be reached for comment. According to the term sheet, its IPO is expected to be priced on Dec. 3, with a debut on the Hong Kong stock exchange slated for Dec. 10.

The firm aims to use the funds to expand installed capacity with nine new power generating units. It also plans to increase its stake in a nuclear power station controlled by its parent, China General Nuclear Power Corp.

The company is looking to benefit from China's efforts to curb pollution by diversifying its energy generation away from fossil fuels, according to the draft IPO prospectus. CGN Power posted profit attributable to shareholders of 4.19 billion yuan ($684 million) in 2013 on sales of 17.4 billion yuan.

ABC International, Bank of America Merrill Lynch and China International Capital Corp (CICC) were hired as sponsors of the IPO, with BNP Paribas, CLSA, Goldman Sachs, ICBC International and Morgan Stanley also acting as joint global coordinators.