Auchan aims to raise 1 billions dollars with IPO

French retailer Auchan plans to launch an initial public offering (IPO) in Hong Kong for its joint venture, Sun Holdings in an attempt to raise nearly one billion U.S. dollars.

Auchan and its Taiwanese partner Ruentex Group plan the IPO in July. The two companies are equal partners and should raise 7.8 billion Hong Kong dollars, or 1 billion U.S. dollars.

The objective of the operation is to increase the number of outlets in China to to 200 this year. Sun Holdings owns 140 RT-Mart and stores and 40 Auchan stores in China, thus placing itself in front of Wal-Mart and Carrefour.

source : zone bourse