HONG KONG -(Dow Jones)- Sany Heavy Industry Co. (600031.SH) Monday started pre-marketing of its around US$3.4 billion initial public offering ahead of its listing on the Hong Kong stock exchange Oct. 3, according to a term sheet seen Monday by Dow Jones Newswires.

The company plans to launch the roadshow Sept. 19 with tentative pricing set on Sept. 26, according to the term sheet.

The company plans to sell 1.34 billion shares in the offering, the term sheet said, adding that of the total proceeds, Sany Heavy will spend 45% on new manufacturing facilities, and another 15% for expansion of existing production lines.

Bank of AmericaMerrill Lynch, Citigroup Inc. and Citic Securities Co. are handling the deal, the term sheet said.

Source:foxbusiness