First Heavy IPO fails to raise maximum amount

China First Heavy Industries Co became the first company in at least a year to fail to raise the maximum amount sought in a Shanghai IPO after the benchmark index fell 15 percent from its 2009 high.

First Heavy, a maker of equipment used in the mining and energy industries, raised 11.4 billion yuan, selling shares at 5.70 yuan apiece, below the high end of a price range of 5 yuan to 5.80 yuan marketed to investors, according to a stock exchange filing yesterday.