Sun Art Retail gets strong response to offering

Sun Art Retail Group, the Chinese hypermarket chain, sidestepped a wave of deal cancellations on Tuesday to launch bookbuilding for a HK$8.4bn ($1.1bn) initial public offering in Hong Kong. The company is already off to a promising start — bagging $420m from cornerstone investors.

  • 28 Jun 2011

The company is selling 1.14bn primary shares for between HK$5.65 and HK$7.20 each, and hopes to attract investors looking for exposure to China’s growing consumer sector. The size of the deal should also help Sun Art build on its early momentum, said bankers, by ensuring liquidity after listing.

“Liquidity ...

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Bookrunners of International Emerging Market DCM

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1 Citi 3,599.18 10 11.11%
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3 Bank of America Merrill Lynch 1,736.50 8 5.36%
4 Itau BBA 916.67 2 2.83%
5 Bradesco BBI 900.00 2 2.78%

Bookrunners of LatAm Emerging Market DCM

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4 Bradesco BBI 900.00 2 12.37%
5 Morgan Stanley 800.00 1 11.00%

Bookrunners of CEEMEA International Bonds

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1 HSBC 295.00 1 32.24%
1 Credit Agricole CIB 295.00 1 32.24%
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Subtotal 915.00 2 100.00%

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5 Citi 95.36 35 5.16%

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2 ING 3,184.83 25 9.45%
3 SG Corporate & Investment Banking 2,911.64 17 8.64%
4 Citi 2,741.75 18 8.13%
5 HSBC 1,822.32 18 5.41%

Bookrunners of India DCM

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1 Citi 262.46 3 12.40%
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4 DBS 191.19 2 9.03%