Sun Art IPO

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.
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An RT-Mart hypermarket in Shanghai (AFP)</div>
<div style="text-align:left;"> An RT-Mart hypermarket in Shanghai (AFP)</div>

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 July 15.

Global equity markets do seem to have stabilised somewhat in the past few days, but the key reason for the strong interest, observers say, is Sun Art’s market leading position...

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