HONG KONG—Chinese home-improvement mall operator Red Star Macalline Group Corp., backed by private-equity firm Warburg Pincus, has raised US$931 million in an initial public offering in Hong Kong.

The offering continues Hong Kong's strong run as an IPO venue thanks to a stock-market boom. So far this year, Hong Kong ranks second globally as a venue for IPOs by value, behind Shanghai and ahead of New York, according to data from Dealogic.

Legend Holdings Corp., the largest shareholder of personal-computer maker Lenovo Group Ltd., is set to price its Hong Kong IPO on Sunday, with a person close to the transaction saying that demand is so heavy that it is likely to price at the top end of its range and raise US$2 billion.

Guolian Securities Co., the joint-venture partner of Royal Bank of Scotland Group PLC in China, is also planning order-taking for a US$500 million to US$600 million Hong Kong IPO Monday, the latest in a long line of Chinese brokerages tapping investors for funds this year.

Red Star, China's largest home-improvement shopping mall operator with more than 160 malls across the country, sold 543.6 million shares at HK$13.28 each, people familiar with the situation said Friday. The price range of the deal was HK$11.18 to HK$13.28.

The company secured US$330 million in orders from cornerstone investors, who agreed to buy and hold the shares for six months, including New York-based hedge fund Falcon Edge Capital, household appliances maker Gree Electric Appliances Inc., Shandong state-owned Asset Investment Holdings, China National Building Material and hedge fund BosValen Asset Management. It is scheduled to begin trading in Hong Kong on June 26.

Beijing-based Legend is scheduled to list on June 29, and has closed both retail and institutional tranches for the offering, which was in a price range of HK$39.80 to HK$43.00.

If Legend's listing takes place, it would be the year's third-largest in Hong Kong after a US$4.5 billion listing by Chinese brokerage firm HTSC, better known as Huatai Securities, in May, and a US$4.1 billion IPO by GF Securities Co. in March.

Write to Prudence Ho at prudence.ho@wsj.com and Yvonne Lee at yvonne.lee@wsj.com

Access Investor Kit for GF Securities Co., Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=CNE0000008L2

Access Investor Kit for Royal Bank of Scotland Group Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=GB00B7T77214

Access Investor Kit for Lenovo Group Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=HK0992009065

Access Investor Kit for Lenovo Group Ltd.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US5262501050

Access Investor Kit for Royal Bank of Scotland Group Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US7800976893

Subscribe to WSJ: http://online.wsj.com?mod=djnwires