SHANGHAI - Chinese air-compressor maker Zhejiang Kaishan Compressor Co Ltd is set to raise up to 2.27 billion yuan ($353 million) from an initial public offering on the ChiNext market in Shenzhen, Reuters reported.

Zhejiang Kaishan has priced the offering at 63 yuan per share, it said in a statement, valuing the company at 46.99 times its 2010 earnings.

The company is selling up to 36 million shares.