Investors afoot at the Circle K

Investors are watching with interest the ongoing IPO of Li & Fung subsidiary Convenience Retail Asia, which operates the Hong Kong convenience store chain, Circle K. The offering, on Hong Kong's growth enterprise market (GEM), looks to be a bargain, according to BNP Paribas Peregrine (BNP) director Darius Yuen. The offer price range of between HK$1.05 ($0.13) and HK$1.15, representing a price-earnings (PE) ratio of 13.09 to 14.13, is "cheap" compared with other listed convenience stores around the region.