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China Cinda Asset Management Co Ltd, the country's biggest bad debt manager, is set to raise $2.5 billion after pricing its Hong Kong IPO at the top of the marketing range, a source with direct knowledge of the plans said on Thursday.

Cinda priced the initial public offering at HK$3.58 per share, compared with an indicative range of HK$3.00-HK$3.58, added the source, who was not authorized to speak publicly on the matter.

The company offered 5.32 billion new shares in the IPO, putting the deal value at about HK$19 billion ($2.5 billion).

Bank of America-Merrill Lynch, Credit Suisse, Goldman Sach and Morgan Stanley acted as sponsors of the IPO, with China Merchants Securities, UBS and 12 other banks also helping to manage the deal.