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Samsonite may raise US$1.5b in IPO
Source: Bloomberg News |
May 31, 2011, Tuesday
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Print Edition
Print Edition
SAMSONITE International SA, the luggage maker backed by London-based CVC Capital Partners Ltd, may raise as much as HK$11.7 billion (US$1.5 billion) in an initial public offering in Hong Kong, a sale document showed yesterday.
Samsonite and investors are offering 671.2 million shares in Hong Kong at HK$13.50 to HK$17.50 each, according to a term sheet. The company plans to set a final price for the IPO on June 9 and start trading on June 16, the terms show.
The 101-year-old company will list shares in Hong Kong ahead of Coach Inc and Prada SpA as consumer goods makers seek to boost market share in China, where rising affluence is bolstering spending on foreign goods. Beauty-products maker L'Occitane International SA has jumped 37 percent since its Hong Kong IPO in April last year.
"Brand-name companies targeting Chinese mainland's consumers have good growth prospects in the long term as China's economy continues to grow fast," said Nelson Yan, who helps oversee US$90 million as investment manager at Mayfair Pacific Financial Group in Hong Kong. "Samsonite's valuation is relatively attractive compared to listed luxury goods makers."
The price range represents 17 to 22 times Samsonite's estimated 2011 earnings, as forecast by banks arranging the sale.
Samsonite and investors are offering 671.2 million shares in Hong Kong at HK$13.50 to HK$17.50 each, according to a term sheet. The company plans to set a final price for the IPO on June 9 and start trading on June 16, the terms show.
The 101-year-old company will list shares in Hong Kong ahead of Coach Inc and Prada SpA as consumer goods makers seek to boost market share in China, where rising affluence is bolstering spending on foreign goods. Beauty-products maker L'Occitane International SA has jumped 37 percent since its Hong Kong IPO in April last year.
"Brand-name companies targeting Chinese mainland's consumers have good growth prospects in the long term as China's economy continues to grow fast," said Nelson Yan, who helps oversee US$90 million as investment manager at Mayfair Pacific Financial Group in Hong Kong. "Samsonite's valuation is relatively attractive compared to listed luxury goods makers."
The price range represents 17 to 22 times Samsonite's estimated 2011 earnings, as forecast by banks arranging the sale.
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