another-chinese-retailer-prices-ipo-at-the-top

Another Chinese retailer prices IPO at the top

Chinese hypermarket and supermarket operator Times pockets $113 million for expansion, including the opening of 18 new stores.

July 08, 2007

Three months after Wumart Stores called off a share acquisition agreement that would have provided the company with cash as well as access to the capital markets, Times Limited has raised much needed funds through a share offer of its own.

The Chinese hypermarket and supermarket operator obtained the maximum HK$880 million $113 million from a Hong Kong initial public offering, after fixing the price at the top of the range. A 15% greenshoe could increase the deal size to $130 million.

Demand from both retail and institutional investors was less overwhelming than for IPOs of other Chinese retailers, however, with the retail portion 39 times covered and the institutional book 34 times...

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