Sun Art Retail Group Ltd., the Chinese hypermarket operator backed by France’s Groupe Auchan SA, plans to raise as much as HK$8.2 billion ($1.1 billion) in a Hong Kong initial public offering.
The Shanghai-based company is selling 1.14 billion new shares for HK$5.65 to HK$7.20 each, according to a sales document obtained yesterday by Bloomberg News. About half the stock will go to nine so-called cornerstone investors, including Government of Singapore Investment Corp. and Tiger Global Management LLC, which agreed to invest $40 million each. Full story
