Dajin Heavy Industry, a Chinese maker of wind power equipment, plans to raise as much as HK$5.77 billion ($736.5 million) through a Hong Kong listing, according to its prospectus on Thursday.
The Shenzhen-listed company is offering 86.97 million shares at up to HK$66.40 each, with trading expected to begin on June 5.
Cornerstone investors have agreed to take about HK$2.80 billion of shares, or nearly half of the base offering, including Singapore's GIC, Hillhouse and UBS Asset Management Singapore, among others.
Dajin has an option to increase the size of the offering by 15 per cent.
Dajin said it intends to allocate 55 per cent of the IPO proceeds towards enhancing deep-sea wind power services, while 20 per cent will fund the construction of an assembly base in Europe. Another 10 per cent will go towards global research and development, five per cent towards overseas market expansion, and the remaining 10 per cent for working capital.
The company, which manufactures offshore wind foundations, towers and related equipment, said it ranked as Europe's largest offshore wind foundation supplier by monopile sales value in the first half of 2025, citing data from consultancy firm Frost Sullivan.
Dajin reported that its net profit more than doubled in 2025 to CNY1.10 billion ($162.27 million), while revenue climbed 63.3 per cent year-on-year to CNY6.17 billion.
Huatai Financial and China Merchants Securities are acting as joint sponsors for the listing.
(Reporting by Yantoultra Ngui; Editing by Sherry Jacob-Phillips)