new-world-markets-another-china-retail-play

New World markets another China retail play

New World Department Store aims to raise about $300 million from its Hong Kong IPO.

June 14, 2007

Investors who failed to get their desired allocations of BelleÆs heavily oversubscribed initial public offering last month, will get another chance to add to their China retail portfolios through New World Department Store ChinaÆs upcoming IPO of about $300 million.

The company, which is a wholly-owned subsidiary of Hong Kong-listed New World Development, is currently pre-marketing the issue and will launch a formal roadshow on June 25.

The offering, with is jointly arranged by Deutsche Bank and HSBC, will comprise 25% of the enlarged share capital, equivalent to 406 million new shares. Of the total, 5.6% will be reserved for existing shareholders of New World Development, 84.4% will go to the institutional tranche and...

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