The largest retailer in Hunan province, Your-Mart Co, said today that it would raise about US$75 million in a July listing, Reuters reported. Your-Mart will issue 50 million yuan-denominated A-shares on the Shenzhen Stock Exchange on July 8, accounting for 26% of the company’s expanded share capital after the IPO. The funds will be used to upgrade its main shops in Changsha, the location of the company’s headquarters. Your-Mart is the third firm to be given approval for a listing after regulators resumed IPOs this month following a nine-month moratorium. With China’s equity markets rebounding, more domestic IPOs are expected to be approved this year, including that of China State Construction Engineering Corp, expected to raise about US$1 billion.
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