The operator of Spar Shandong, Jiajiayue Group, has launched an IPO and been listed on the Shanghai Stock Exchange.
Spar Shandong was the first partner for Spar International in China, when it commenced operations in 2004.
As part of the IPO, Jiajiayue Group issued 90 million shares priced at 13,64 yuan per share to raise 1,23 billion yuan ($178,12 million). Its listing on the Shanghai Stock Exchange was 43% up on the first day of trading.
“Today is a significant milestone, not just for Spar Shandong, but also for the wider Spar China family,” said Tobias Wasmuht, managing director of Spar International.
“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. Investor interest in [the] IPO is testament to the strength and vision of the company and its management team.
“This partnership embodies the values of Spar, and we look forward to growing together the scale of our retail network in Shandong and China as a whole.”
Spar Shandong opened its first store in 2005, in the city of Weihai, in north-east China.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
