July 8 -- Changsha Zoomlion Heavy Industry Science and Technology Development (000157) plans to raise about eight billion yuan to 10 billion yuan through an initial public offering (IPO) on the Hong Kong Stock Exchange, reports 21st Century Business Herald, citing Zhan Chunxin, board director of the company.

The company announced on July 6 that it would offer new shares of no more than 15 percent of its enlarged share capital in its Hong Kong IPO. An over-allotment option of 15 percent will be granted to its co-bookkeepers.

Following its IPO, the total share capital of the company will increase from 1.971 billion shares to 4.9275 billion shares.

The company plans to deliver stock dividends of 15 shares for every 10 shares held for fiscal year 2009.

Shares of the company were down 0.37 percent to close at 18.77 yuan today.

Source: Capital Vue