Retailer's IPO at top end
14 March 2006
Golden Eagle Retail Group's US$182 million IPO has been priced at the upper end of expectations amid very strong interest. The Nanjing-based firm has sold 450 million shares at the equivalent of US$0.41 each. Investors are rushing to profit from what they see as the high earnings potential resulting from increasing consumer power. Golden Eagle sells such luxury brands as Cartier, Hugo Boss and Polo Ralph Lauren in its six department stores. Shares in larger rival Parkson Retail Group have rocketed up 104% since they were listed in Hong Kong in November.