Zhongmin Baihui Retail Group says all 30 million new shares were placed out at 30 cents each at its IPO. This represents 15.3% of Zhongmin Baihui’s enlarged issued share capital post-IPO.

The company owns and operates one of the largest underground shopping malls in Xiamen, Fujian province. The company also manages six other department stores in Quanzhou and Zhangzhou cities in the same province.

Out of the estimated net proceeds of $7 million raised from the IPO, the group plans to spend $4 million opening new departmental stores or acquire existing ones in major areas in the Fujian Province, and about s$2 million for the establishment of a logistics centre to provide merchandise storage and delivery support. The remaining proceeds will be used for general working capital purposes.