The Chinese mainland's Sany Heavy Industry is seeking to raise as much as HK$12.36 billion ($1.59 billion) through its listing in the Hong Kong Special Administrative Region.

The company is selling 580.4 million shares in a price range of HK$20.30 to HK$21.30 each, according to the filing. Reuters reported in February that Sany Heavy was looking to raise up to $1.5 billion.

The final price of Sany Heavy Industry's shares is due to be set on Friday and the stock will start trading on October 28, according to the prospectus filed with the Hong Kong Stock Exchange.

Sany Heavy Industry's Shanghai-listed shares are trading up 36.5 percent this year, which is more than double the local market's performance.

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The company specializes in heavy equipment, making a wide range of machinery including excavation, lifting, road construction and pile-driving equipment.

It has operations and factories in the United States, Europe, India, Brazil and Germany, as well as five manufacturing hubs in the mainland, according to its website.

Sany Heavy Industry plans to use about 45 percent of the funds raised in the HKSAR listing to develop its global sales and service network. It is seeking to increase its presence in Germany, France and the UK and build out its sales across Asia and Saudi Arabia.

A further 25 percent will be spent on research and development and 20 percent on building more overseas manufacturing bases, it said.

Cornerstone investors have taken up stock worth about $759 million in the deal, the filing showed. Singapore's Temasek will invest about $75 million in the stock, while Hillhouse, UBS Asset Management, BlackRock and Oaktree will also subscribe, according to the filing.