CIMH to use $582m IPO proceeds to boost capacity and grow market share
China Infrastructure Machinery Holdings (CIMH) plans to use the bulk of the proceeds from its $582 million initial public offering in Hong Kong to expand its market share in the mainland.
CIMH, the country's third-largest wheel loader manufacturer, launched its pre-listing roadshow early last week in Hong Kong, Singapore and Britain.
The company is now headed for the United States, the last stop of its marketing effort.
Sources say the offering received positive response in Singapore but the reception in other markets is unclear.
The company initially offered 300 million new shares, of which 90 per cent will be an international placement and 10 per cent will be sold to the public in Hong Kong.
The company is scheduled to list on November 3.