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.

  • 21 Jul 2011

Strong demand for the stock meant investors confirmed over 98% of their orders by Wednesday’s deadline. But bankers remain in uproar about the prospectus error. Many said that the deal’s sponsors put the company and its IPO at risk.

"Luckily for Sun Art this was a very hot deal ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 2,931.98 8 11.79%
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3 HSBC 2,792.17 11 11.23%
4 JPMorgan 2,654.23 6 10.68%
5 Saudi National Commercial Bank 1,604.15 2 6.45%

Bookrunners of LatAm Emerging Market DCM

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1 Citi 13,465.23 42 17.13%
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3 HSBC 8,633.77 22 10.98%
4 Deutsche Bank 6,487.13 9 8.25%
5 Bank of America Merrill Lynch 4,602.16 22 5.86%

Bookrunners of CEEMEA International Bonds

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2 JPMorgan 2,276.62 3 14.66%
2 Citi 2,276.62 3 14.66%
4 HSBC 1,796.50 3 11.57%
5 Saudi National Commercial Bank 1,604.15 2 10.33%

EMEA M&A Revenue

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1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

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1 UniCredit 5,496.41 35 13.64%
2 ING 3,270.62 26 8.11%
3 Credit Agricole CIB 2,586.69 11 6.42%
4 SG Corporate & Investment Banking 2,315.39 17 5.74%
5 MUFG 2,167.80 12 5.38%

Bookrunners of India DCM

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1 Westpac 179.81 1 20.00%
1 State Bank of India 179.81 1 20.00%
1 Standard Chartered Bank 179.81 1 20.00%
1 DBS 179.81 1 20.00%
1 Citi 179.81 1 20.00%