SANY HEAVY IND (06031.HK) (600031.SH) , China's largest construction machinery company, has initiated its Hong Kong IPO.

The company proposes to offer 580 million H-shares globally, with the Hong Kong public offering accounting for 10% (around 58.0426 million shares) and the international offering accounting for 90% (around 522 million shares). The offer price ranges from HKD20.3 to HKD21.3 per share, aiming to raise up to around HKD12.363 billion.

The entry fee for a board lot of 200 shares will be around HKD4,302.97. The IPO will commence today (20th) and close at noon next Thursday (23rd), with the pricing and listing scheduled for Friday (24th) and next Tuesday (28th) respectively. CITIC Securities serves as the sole sponsor.

SANY HEAVY IND's IPO has attracted 23 cornerstone investors, including Temasek, UBS AM Singapore, LMR Master Fund, RBC GAM, Oaktree, Perseverance Asset Management, Pinpoint, Ghisallo, FengHe, and QRT, who will collectively subscribe for shares worth around HKD5.899 billion, meaning that it will involve nearly 284 million shares (about 48.86% of the offered shares) based on the median offer price.
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