Pursuits
Auchan-Backed Sun Art Said to Test Demand for $1 Billion IPO
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Sun Art Retail Group Ltd., the Chinese hypermarket operator backed by France’s Group Auchan SA, began gauging investor demand today for an initial public offering that may raise about $1 billion, two people with knowledge of the matter said.
The Shanghai-based company plans to set a final price for its shares on July 7 and start trading in Hong Kong on July 15, said the people, who declined to be identified because the information is private. Citigroup Inc., HSBC Holdings Plc and UBS AG are managing the offering as global coordinators, the people said.