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Springland International Plans Hong Kong IPO

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economy_6 October 4, 2010 (Chinavestor) China's Springland International Holdings, the department store operator, is planning a Hong Kong initial public offering (IPO) that could raise up to $477 million for the company and its investors. New York-based Morgan Stanley (NYSE:MS) is managing the offering.

Springland is expected to price the offering between 62.5 cents and 76 cents a share. The company is expected to sell 625 million shares.

Proceeds from the planned IPO may help Springland add stores to compete with rivals including Intime Department Store Co. (HKG:1833) and Parkson Retail Group (PINK:PKSGY), according to Bloomberg News.

Wuxi-based Springland owns and operates 10 department stores in Eastern China as well as supermarkets, Bloomberg reported.



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