Sun Art Plans to Raise Up to HK$8.2 Billion in Hong Kong IPO
This article is for subscribers only.
Sun Art Retail Group Ltd., China’s largest hypermarket operator, may raise as much as HK$8.2 billion ($1.1 billion) in a Hong Kong initial public offering.
The Shanghai-based company will sell 1.14 billion new shares for HK$5.65 to HK$7.20 each, according to a prospectus distributed to reporters today. Half of the IPO proceeds will be spent opening new stores and the rest will mainly be used to pay back loans and refurbish existing properties.