Jun. 26, 2012 (China Knowledge) - CITIC Heavy Industries Co Ltd (CITIC HIC), the largest mining machinery manufacturer and one of the largest heavy machinery manufacturers in China, is expected to raise up to RMB 3.20 billion through its initial public offering in Shanghai.

The fund-raising size is less than the RMB 4.1 billion it disclosed in its prospectus.

The company said in a statement yesterday that it had set its IPO price at RMB 4.67 per share, equivalent to 16.19 times its 2011 earnings. The company plans to issue 685 million A shares in the deal.

Subscriptions for the share sale will take place from Jun. 26 to Jun. 27.

CITIC Securities Co<600030><6030> and Zhong De Securities have been hired as joint lead underwriters of the offering.

In 2011, the company booked a profit of RMB 828 million and realized RMB 7.04 billion in revenue.