Prospectus shambles leaves red faces but red hot Sun Art escapes
Sun Art Retail Group escaped what could have been a humiliating failure last week when a mistake was spotted in its prospectus just days before the hypermarket operator was due to list. The company was forced to issue a supplemental prospectus on Monday to correct its financial information — and ask investors to confirm their orders in the HK$8.2bn ($1.05bn) IPO that was priced two weeks ago.
Strong demand for the stock meant investors confirmed over 98% of their orders by Wednesdays deadline. But bankers remain in uproar about the prospectus error. Many said that the deals sponsors put the company and its IPO at risk.
"Luckily for Sun Art this was a very hot deal
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