Sun Art Retail prices IPO at top to raise $1.06 billion

Sun Art Retail Group on Friday became the first issuer of size to price its Hong Kong initial public offering at the top of the range since MGM China at the end of May, following strong demand from both institutional and retail investors. The final price of HK$7.20 per share resulted in a total deal size of HK$8.24 billion $1.06 billion.

The positive investor response came amid an improvement in the secondary market, which saw the Hang Seng Index gain in four of the past six sessions and more of the recent IPOs edge above their issue price. However, bankers also stressed that Sun Art was...