China's selfie app Meitu is eyeing to bag in between $632 million and $710 million on its first initial public offering (IPO) in Hong Kong, the company said on Friday.

Meitu is planning to sell 13.6 percent of the company between $1.10 and $1.24, which would raise an estimated $710 million at the top end of the range, according to New York Times.

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Meitu, which aims to "make the world a more beautiful place," is famous for its eponymous selfie app. It allows users to digitally edit their photos. The app is so popular in the mainland that it processes over half of the photos posted across major Chinese social networking sites, market research firm iResearch noted as reported by Financial Times.

Although the company boasts of its 456 million monthly active users, Meitu is yet to convert those snaps into profits, CNN reported. Meitu, which means "beautiful picture" in Mandarin, has posted yearly losses of between $3.7 million and $320 million since 2013.

Executives, on the other hand, admitted that profit may not come anytime soon. However, Ngan King-leung, its chief financial officer, is confident of its future.

"We hope that these users can also be our shareholders," Cai Wensheng, the company's founder and chairman, said.

The Xiamen-based firm plans to utilize about 29 percent of its IPO proceeds to expand its smartphone business since 95 percent of its revenues comes from its smartphone brand, according to the South China Morning Post. It will also allocate funds to develop its internet services and finance research and development.

Meitu's Hong Kong IPO will open on Monday (Dec. 5) and close Thursday (Dec. 8) at noon. Shares are expected to start trading on Dec. 15.

TagsMeitu, Meitu phone, Meitu selfie app, Meitu IPO date