Jiangsu Horizon Chain Supermarket (HKG:2625) has launched its initial public offering in Hong Kong, seeking to raise up to HK$160.7 million.
The supermarket chain is offering 53,562,000 H-shares at a price range of HK$2.50 to HK$3.00 each.
The company secured Top Legend as a cornerstone investor, which committed to subscribe to $5 million worth of IPO shares.
Jiangsu Horizon expects to determine its offer price on March 27 and disclose the allocations on March 28. It will then start trading on the Hong Kong Stock Exchange on March 31, according to a filing made on Friday.
Proceeds from the deal will be used to open new stores, establish a new distribution center and kitchen, and enhance ERP and infrastructure systems.
Redsolar, CMBC International Holdings, CCB International, uSmart Securities, and several others are the joint bookrunners of the IPO.
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