Food giant COFCO Group's online food products retailer COFCO Womai seeks to raise funds from an initial public offering at the Hong Kong Stock Exchange, the company said in a listing application Monday.

Womai, backed by COFCO and Baidu, could raise $500 million to $600 million, said a report by Global Capital, which cited a banker with close knowledge of the trade.

The sponsors of the company are China Merchants Securities and Credit Suisse. The time of listing is not decided yet, according to the company's prospectus for investors.