Springland International Holdings Ltd., an operator of department stores and supermarkets in China, raised about HK$3.7 billion ($477 million) selling shares at the top of the forecast range in an initial public offering in Hong Kong, according to terms for the transaction.
The company sold 625 million shares at HK$5.93 apiece in the sale managed by Morgan Stanley, the terms e-mailed to investors today show. The retailer, based in Wuxi city of eastern Jiangsu province, offered its shares at HK$4.85 to HK$5.93 each, according to the terms.
Springland operates 10 department stores and 16 supermarkets in and near the Yangtze River Delta in eastern China, according to a pre-listing filing to the Hong Kong stock exchange. Some of the department stores are operated under the trade name of Yaohan, the filing showed.
Proceeds from the IPO may help Springland add stores to compete with rivals including Intime Department Store (Group) Co. and Parkson Retail Group Ltd. in an economy that passed Japan in the second quarter to become the world's second biggest. Retail sales in China surged 18.4 percent in August, according to government data, exceeding analysts' estimates.
