Springland International Holdings, a department store and supermarket operator in China, has raised HK$3.7 billion $477 million from an initial public offering in Hong Kong. The deal is the largest new share sale in terms of dollar value by a department store operator, sources said.
The company, which is based in the Jiansu province in eastern China, sold 625 million shares at HK$5.93 each, the top end of the an indicated price range that started at HK$4.85. The international tranche was more than 16 times covered and the Hong Kong public offering attracted orders for more than 80 times the shares initially earmarked for retail investors, which triggered a clawback...
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