Sun Art Raises $1.1B with Hong Kong IPO

Chinese hypermarket operator Sun Art Retail Group raised $1.1 billion after pricing its Hong Kong initial public offering at the top of an indicative range, Reuters reported Friday. The company is only the second $1 billion-plus Hong Kong IPO this year, after MGM China. As part of the IPO, Sun Art sold $420 million shares to private equity investors, including General Atlantic and Hillhouse Capital Management, which invested $70 million a piece. Buyout shop Arisaig Partners and an affiliate of Bain Capital and French fund manager Carmignac Gestion also invested $40 million each, Reuters wrote.

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