Sun Art's $1 billion IPO gets strong support from cornerstones

The operator of RT-Mart and Auchan hypermarkets secures $420 million of demand pre-launch and is multiple times covered after the first day of marketing.

Sun Art's $1 billion IPO gets strong support from cornerstones

After a week of mostly gloomy news in the Hong Kong IPO market, the launch of Sun Art Retail Group’s global offering yesterday received an enthusiastic response from investors. According to a source, the deal was covered within an hour and by early evening Hong Kong time, it was multiple times subscribed. The company is seeking to raise between HK$6.46 billion and HK$8.24 billion $831 million to $1.06 billion ahead of a Hong Kong listing on...

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