Sany Heavy braves market with $3.3 billion share sale

Sany Heavy Industry, a Chinese machinery maker, braved wobbly markets to kick off roadshows yesterday for a planned HK$25.9 billion $3.3 billion initial public offering in Hong Kong.

The share sale faces less competition than expected after smaller domestic rival XCMG Construction Machinery postponed its roadshow by a week. It had planned to launch the bookbuilding for an IPO that could be worth up to $2 billion head-to-head with Sany Heavy yesterday, but a lukewarm response from investors prompted it to push the date back.

However, Sany Heavy, which is already listed in Shanghai, still has to compete for investor interest with Citic Securities, China’s biggest...