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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."

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