Sun Art Retail Group is seeking to raise as much as $1.06 billion in a Hong Kong initial public offering, The Wall Street Journal reports. The IPO has drawn interest from nine cornerstone investors, including the Government of Singapore Investment Corporation.
The Chinese hypermarket operator intends to sell 1.14 billion shares at a price range of between $0.72 and $0.92 each. The investors will account for nearly 40% of the offer. UBS, Citigroup, HSBC and Morgan Stanley are some of the joint bookrunners for the offering.
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