Walker Group, Hong Kong shoe maker with growing business both in Hong Kong and Chinese mainland, Sunday announced that it is starting its initial public offering plan of 150 million shares from Monday.

It said the listing on the Main Board of the Stock Exchange of Hong Kong is to raise approximately 665.9 million HK dollars (85.4 million U.S. dollars) for its business expansion. About 90 percent of the offering will be for placing and 10 percent will be offered to the public with the price range between 3.86 HK dollars to 3.18 HK dollars.

The placing offer has attracted two institutional investors -- ITOCHU Corporation, a Japanese conglomerate and Gaoling Yali Fund, a investing fund indirectly owned by Yale University.

The public offering will last from Monday to Thursday and start trading on June 7.