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Graff Diamonds begins selling shares for IPO
By Emily Ford |
May 28, 2012, Monday
|
Online Edition
Online Edition
BRITISH jeweler Graff Diamonds began selling shares today in a widely anticipated US$1 billion initial public offering in Hong Kong as it outlined plans to open eight stores on the Chinese mainland in the next two years.
Speaking at a press conference in Hong Kong on Sunday, chief executive Francois Graff said the high-end jeweler planned to open 11 stores across Asia, doubling its presence in the region.
"Showcasing our jewelry and watches at exhibitions in Asia will continue to be a core part of our sales and brand-building strategy," said Graff, son of founder Laurence Graff.
The London-based jeweler said it had seen "tremendous interest" from investors ahead of the IPO and said that weak stock markets and a sluggish IPO climate were not a concern.
Asia's biggest jeweler, Hong Kong based-Chow Tai Fook, has slumped since its IPO last year, with shares falling by more than a third below the original offer price.
Graff Diamonds has floated once before, in London in 1973, but four years later its founder became embroiled in a court tussle after a dispute with minority shareholders.
In 2010, he told British newspapers he would never again float the business, but subsequently had a change of heart.
Graff's first day of trading is scheduled to take place on June 7.
Speaking at a press conference in Hong Kong on Sunday, chief executive Francois Graff said the high-end jeweler planned to open 11 stores across Asia, doubling its presence in the region.
"Showcasing our jewelry and watches at exhibitions in Asia will continue to be a core part of our sales and brand-building strategy," said Graff, son of founder Laurence Graff.
The London-based jeweler said it had seen "tremendous interest" from investors ahead of the IPO and said that weak stock markets and a sluggish IPO climate were not a concern.
Asia's biggest jeweler, Hong Kong based-Chow Tai Fook, has slumped since its IPO last year, with shares falling by more than a third below the original offer price.
Graff Diamonds has floated once before, in London in 1973, but four years later its founder became embroiled in a court tussle after a dispute with minority shareholders.
In 2010, he told British newspapers he would never again float the business, but subsequently had a change of heart.
Graff's first day of trading is scheduled to take place on June 7.
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