The wind power equipment making subsidiary of Sany Group, China’s top construction machinery manufacturer, has been given approval for its initial public offering (IPO) on Shanghai’s high-tech board, reports Caixin. The IPO is aiming to raise RMB 3.03 billion ($469 million).
The approval takes the company a step closer to obtaining the funding it will need for its plans to grab a larger slice of China’s booming wind power generator market amid growing demand for green energy.
Sany Heavy Energy, established in 2008 to run businesses including wind turbine production and wind farm design, meet the STAR Market’s listing conditions and information disclosure requirements, the listing committee of the Nasdaq-style board said in a Tuesday announcement.