Red Star Macalline IPO

[winston]

not vested

Red Star Macalline Group Corp, a furniture and building materials retailer, seeks up to HK$7.22 billion by offering 543.59 million shares between HK$11.18 and HK$13.28 apiece, with a board lot of 200 shares costing HK$2,682.77.

The so-called" Chinese Ikea"intends to invest 40 percent of the proceeds in developing nine new portfolio malls, and 26 percent in investing or acquiring home improvement and furnishing retailers.

The rest will go toward its O2O business and technology system, existing indebtedness and general corporate purposes.

The Shanghai-based firm has HK$2.57 billion worth of orders from five cornerstone investors, including China National Building Material (3323).

Source: The Standard HK