Chow Tai Fook readies for big IPO
Source: Agencies |
November 26, 2011, Saturday
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Print Edition
Print Edition
CHOW Tai Fook Jewellery Group could raise up to US$2.83 billion, which would be this year's biggest Hong Kong initial public offering, tapping volatile equity markets to fund the purchase of diamonds and gold and pay down debt.
The Hong Kong-based company will offer 1.05 billion shares at HK$15 to HK$21 each, putting the total deal size at up to HK$22.05 billion (US$2.83 billion), sources said yesterday.
The IPO, one of the most anticipated of the year because of its size and the wide brand recognition of Chow Tai Fook in China, would value the company at about US$27 billion, nearly three times the size of United States jeweler Tiffany & Co.
The 83-year-old jewelry retailer is among several companies pushing ahead with offerings, despite the uncertainty over Europe's debt troubles that has caused a roller coaster ride in markets the past several weeks.
The Hong Kong-based company will offer 1.05 billion shares at HK$15 to HK$21 each, putting the total deal size at up to HK$22.05 billion (US$2.83 billion), sources said yesterday.
The IPO, one of the most anticipated of the year because of its size and the wide brand recognition of Chow Tai Fook in China, would value the company at about US$27 billion, nearly three times the size of United States jeweler Tiffany & Co.
The 83-year-old jewelry retailer is among several companies pushing ahead with offerings, despite the uncertainty over Europe's debt troubles that has caused a roller coaster ride in markets the past several weeks.
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