The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Deals of the Year 2011: Sun Art Retail Group

Sun Art Retail Group
Value HK$9.47 billion IPO
Global coordinators Citi, HSBC, UBS
return to the Asian Deals of the Year index

Good deals were harder to find in the equity world, but they were out there, and a natural standout was Sun Art Retail Group, whose $1.2 billion IPO achieved the rare double act of being good for both issuer and investors. Most deals declined, even tanked; Sun Art priced at HK$7.20 in July and at the time of writing was trading at just under HK$10.

However, this wasn’t a case of leaving money on the table: the deal was priced at the top of its range – 32 times forecast 2011 earnings. So what went right?

"At the time we did the IPO, the market was quite unstable," recalls Jean-Patrick Paufichet, CFO of Sun Art. "In the beginning of June, we tested some investors and made a decision to allocate a big part of the deal to cornerstones, because we realized they were very interested in the company in the long term."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree