(Reuters) -Sany Heavy Industry is seeking to raise as much as HK$12.36 billion ($1.59 billion) through its Hong Kong listing, a filing showed on Monday, as the machinery maker taps into renewed investor appetite for Chinese listings in the city.
The company is selling 580.4 million shares in a price range of HK$20.30 to HK$21.30 each, according to the filing. Reuters reported in February that Sany Heavy was looking to raise up to $1.5 billion.
Cornerstone investors have taken up stock worth about $759
million in the deal, the filings showed. Singapore's Temasek will invest about $75 million in the stock, while Hillhouse, UBS Asset Management, BlackRock and Oaktree will also subscribe, according to the filings.
The listing underscores Hong Kong’s resurgence as the premier offshore fundraising hub for Chinese companies, as mounting U.S. scrutiny pushes more firms to pivot away from American exchanges.
Toymaker Miniso said in late September it would spin off its brand Top Toy and list the same in Hong Kong, while Reuters has reported that China's Momenta was mulling shifting its initial public offering to Hong Kong from New York.
Hong Kong, fuelled by the influx of Chinese companies, has emerged as the top global bourse by volume of IPOs and second listings so far this year, overtaking its biggest rival, the New York Stock Exchange, according to data from LSEG.
Sany Heavy Industry specializes in heavy equipment, making a wide range of machinery including excavation, lifting, road construction and pile-driving equipment.
Sany Heavy Industry has operations and factories in the United States, Europe, India, Brazil and Germany, as well as five manufacturing hubs in China, according to its website.
($1 = 7.7669 Hong Kong dollars)
($1 = 7.1264 Chinese yuan renminbi)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Diane Craft and Tom Hogue)
