Shirble raises $177 million in second IPO attempt

Shirble Department Store, a Shenzhen-based department store operator, has raised HK$1.375 billion $177 million from its Hong Kong initial public offering after pricing the shares at the mid-point of the indicated range.

This is Shirble’s second try at a Hong Kong listing. It planned a $130 million IPO in June but called off the deal in early July due to volatile market conditions at the time.

Compared with the IPOs of one of Shirble’s domestic competitors and other Chinese retailers, which met with overwhelmingly strong demand supported by the recent hot consumption theme in the market, Shirble didn't stand out. However, the demand was decent enough.

The institutional tranche was...