Zhongmin Baihui Retail Group, the Fujian-based departmental store operator, has launched its initial public offering (IPO) on the Catalist board.

The group will raise $9 million in gross proceeds through the offering, comprising 30 million new shares at 30 cents each. The shares are offered by way of placement. The new shares to be issued represent 15.3% of Zhongmin Baihui’s enlarged issued share capital after the IPO.

Zhongmin Baihui owns and operates a 28,746 sqm departmental store in Xiamen’s commercial centre, which is one of the province’s largest underground retail malls. The group also manages six other departmental stores in Quanzhou and Zhangzhou with an estimated built-in area of 59,638 sqm.

Chen Kaitong, CEO and Executive Director of Zhongmin Baihui, says, “Our decision to list is timely, considering the Group’s present stage of development. With the People’s Republic of China (“PRC”) government’s continued effort to boost domestic consumption, we look forward to riding on the exciting growth momentum of the PRC’s retail industry.”

Zhongmin Baihui’s share offering will close at noon on Jan 19. Trading of the shares is expected to commence at 9:00 am on Jan 20. CIMB Bank Berhad, Singapore Branch is the company’s sponsor while CIMB Securities (Singapore) is the placement agent for this IPO.