GIC among cornerstone investors in Sun Art Retail IPO
The Government of Singapore Investment Corp. (GIC) is one of nine cornerstone investors that have committed $420 million for up to 40% of Chinese supermarket operator Sun Art Retail Group's Hong Kong IPO.
Sun Art will sell 1.14 billion shares at HK$5.65-$7.20 apiece, with a view to raising up to $1.1 billion, which would represent 25-32x its anticipated 2011 earnings. According to Reuters, the other pre-IPO...
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