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.
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 Chinas 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.
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