China South Locomotive and Rolling Stock, the country’s biggest train manufacturer, intends to raise up to $1.5bn by a dual listing on the Hong Kong and Shanghai stock exchanges.

The company, also known as China Southern Railway (CSR), on Thursday set the indicative range for its Hong Kong offering at between HK$2.49 to HK$2.76, meaning it will raise up to $568m (HK$4.4bn) from international investors. CSR also said it netted $956m by its massively oversubscribed Shanghai IPO.