Spar International’s first retail partner in China, and operator of Spar Shandong, has listed on the Shanghai Stock Exchange.
Jiajiayue Group issued 90m shares at Rmb13.64 per share to raise Rmb1.23bn (US$178.12m) in its initial public offering (IPO).
Jiajiayue opened the first Spar China store in 2005, with the international retailer since expanding its presence in China to more than 360 stores.
“Today is a significant milestone, not just for Spar Shandong, but also for the wider Spar China family,” Tobias Wasmuht, managing director of Spar International said at the IPO launch. “All at Spar are delighted to have contributed to the success of Jiajiayue, our founding partner of Spar in China.
“Over the last 12 years the company has continued to lead the way, working closely with the growing list of Spar partners in China to grow and enhance the brand.”
Jiajiayue Group operates more than 400 stores across Shandong province, from supermarkets to hypermarkets, and is also involved in food processing, the wholesale of agricultural products, and foreign trade.