Sany Plans $3.3B Share Sale

Sany Heavy Industryis seeking to raise up to $3.33 billion through a share sale,Reutersreports. The Chinese construction machinery maker will issue 1.34 billion of shares at $2.06-$2.48 per unit. The company may use nearly 50 percent of the proceeds to build new plants to expand capacity for excavators, crawlers and cranes.

Sany Heavy aims to price the offer around September 26 and the shares will begin trading in Hong Kong on or around October 3. The sale will be the second stock offering in Hong Kong this year.Bank ofAmerica Merrill Lynch,Citic SecuritiesandCitigroupare the joint global coordinators to manage the sale.

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