Springland pulls off Hong Kong's largest department store IPO

The company, which also operates a number of supermarkets, raised $477 million and priced its shares at a P/E of 23 times, making it the second most expensive new stock in Hong Kong year-to-date.

Springland International Holdings, a department store and supermarket operator in China, has raised  HK$3.7 billion $477 million from an initial public offering in Hong Kong. The deal is the largest new share sale in terms of dollar value by a department store operator, sources said.

The company, which is based in the Jiansu province in eastern China, sold 625 million shares at HK$5.93 each, the top end of the an indicated price range that started at...

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