China’s Sany Heavy Industry Aims To Raise $1.59 Billion

Dubai (PlantAndEquipment.com) - According to a filing with the Hong Kong stock exchange, Chinese machinery company Sany Heavy Industry plans to raise up to $1.59 billion through a listing there. The company will sell 580.4 million shares for between $2.59 and $2.72 each. 

The final price will be set on Friday, and trading will start on October 28.

Sany's shares, which are traded on the Shanghai Stock Exchange, have gone up 36.5% this year, which is better than the market. The company makes tools for digging, lifting, and building roads. It has factories in China and does business in the US, Europe, India, Brazil, and Germany.

According to Reuters, about 45% of the money from the IPO will go toward growing sales and service networks around the world, especially in Europe, Asia, and Saudi Arabia. Twenty percent will go to building new factories in other countries, and twenty-five percent will go to research and development.

Temasek, Hillhouse, UBS Asset Management, BlackRock, and Oaktree are some of the cornerstone investors who have put in about $759 million.