China’s Sany Heavy Industry traded flat on its Hong Kong trading debut Tuesday after raising HK$12.36 billion ($1.59 billion) in one of the city’s largest listings this year.
Shares were priced at HK$21.30 apiece. The listing adds to a pickup in Hong Kong equity fundraising, following recent sizable offerings such as Zijin Gold International’s $3.2 billion initial public offering on Sept. 30.
Sany’s Shanghai-listed stock
has gained over 35% so far this year. The company, founded in 1994, is among the world’s largest makers of construction machinery, producing excavators, cranes, road-building equipment and pile drivers.
China International Capital Corp. acted as the sole sponsor and overall coordinator for the initial public offering. Other banks on the deal included BOC International, Industrial and Commercial Bank of China, Agricultural Bank of China and China Merchants Bank.
