Grand Ocean Retail Group Ltd., a department store chain operator in China, has attracted a record 72,460 subscribers over the last three days for its initial public offering on the Taiwan Stock Exchange (TWSE), its underwriter said Wednesday.

Yuanta Securities said Grand Ocean, which is registered in the Cayman Islands, was the only stock to have raised nearly NT$10 billion (US$336 million) so far this year for its Taiwan IPO, which is scheduled for June 6.

This is because it is the first China-invested department store chain stock on the TWSE and the company is highly profitable, Yuanta Securities said.

In 2011, Grand Ocean posted revenue of NT$25.8 billion and after-tax profits of NT$845 million. Compared with its Taiwanese counterparts that are listed on the stock exchange, Grand Ocean is the most profitable, the underwriter said.

The company has set an issue price of NT$120, despite weak momentum on the local bourse, and has raised the number of shares for subscribers from 2 million to 5 million, or 25 percent of the total shares for the listing, Yuanta Securities said.

According to the prospectus filed with the TWSE, Grand Ocean’s proceeds from the fundraising activity will be used as working capital for future expansion.