Chinese furniture and building material retailer, Red Star Macalline Group Corp Ltd, has launched its Hong Kong initial public offering, seeking to raise between $785 million and $930 million, according to a term sheet of the deal seen by IFR.
Red star, backed by private equity firm Warburg Pincus, is offering 543.59 million shares in a range of HK$11.18 to HK$13.28 per share, the terms showed.
The company has secured $330 million worth of commitments from five cornerstone investors, including Falcon Edge, Hong Kong Gree Electric Appliances Sales Ltd and China National Building Material Company Ltd.