Sany Heavy gets CSRC approval for $3b HK IPO

Updated: 2011-08-24 09:45


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SHANGHAI - Chinese construction machinery maker Sany Heavy Industry has obtained approval from the China Securities Regulatory Commission (CSRC) for an initial public offering in Hong Kong, Reuters reported on Wednesday.

The CSRC has approved Sany Heavy's plan to issue up to 1.54 billion shares in the Hong Kong offering, the company said in a statement to the Shanghai Stock Exchange.

Sany Heavy aims to seek approval from the Hong Kong stock exchange for the offering, potentially worth up to $3 billion, on Sept 1, IFR, a Thomson Reuters publication, reported on Wednesday.

Bank of America Merrill Lynch, Citigroup and Citic Securities are handling the Sany Heavy offering, according to IFR.

Sany Heavy joins smaller rival XCMG Construction Machinery in tapping investors in Hong Kong for funds.

Shenzhen-listed XCMG obtained CSRC approval earlier this week for its potential $2 billion listing in Hong Kong.

XCMG will issue about 593 million shares in Hong Kong, including an overallotment option of about 77.35 million shares.

CICC, Credit Suisse, HSBC , Macquarie , Morgan Stanley , and BNP Paribas are joint bookrunners for the XCMG deal, according to IFR.