Taiwan-based supermarket retailer Rt-Mart has submitted an initial public offering application to Hong Kong Exchanges and Clearing Limited, aiming to get listed within 2011 and gain USD1 billion for store expansion.
The company said that it has not given up the thought to issue shares in both Hong Kong Dollar and Chinese Yuan.
An insider from Rt-Mart revealed that the company has cleared its equity dispute with Auchan; therefore, it plans to accelerate its steps to officially launch the IPO before the end of this year and it will start a roadshow soon.
Rt-Mart has opened over ten new sites in 2011 and the number of its stores on the Chinese mainland has exceeded 150. The main part of this listing is the company that runs Rt-Mart stores and Auchan stores on the mainland, covering about 200 retail outlets. In addition, the high-level executives from Rt-Mart and Auchan will hold certain stakes in the listed company.