Dynasty Fine Wines Group is looking to make up to US$100m from an initial public offering, according to reports. Citing a source familiar with the matter, Reuters reports today (12 January) that the Chinese joint venture between Tianjin Development Holdings Ltd. and Remy Cointreau plans to use the funds raised from its Hong Kong listing to fund further expansion.

Dynasty said in December that it planned to raise only HK$414m (US$53m) to fund expansion by using the proceeds to increase production capacity and grow its Chinese and European sales network.

The company is expected to raise between US$80m to US$100m, the source said, calling that a "ballpark estimate" that will not be decided until a price range is set on Friday.

The deal is expected to price on 21 January and begin trading on 26 January, the source said, speaking on condition of anonymity.

When approached by Reuters, ABN AMRO, which is underwriting the IPO, declined to comment.