Samsonite International SA, the world's largest luggage maker, increased its Hong Kong initial public offering by USD 46 million to nearly USD 1.3 billion, after underwriters exercised an option to sell additional shares to meet demand for the stock.
The company said late on Sunday 24.66 million shares were sold by its two largest shareholders at the IPO price of HK$14.5 each, boosting its IPO by HK$357.6 million (USD 46 million).
Samsonite and shareholders, including private-equity firm CVC Capital Partners Ltd and Royal Bank of Scotland Group Plc, raised HKD 9.73 billion (USD1.25 billion) with the IPO last month.
The stock slumped 7.7% in its trading debut, but has since recovered and closed on Friday at HKD 14.5
CVC sold an additional 15.63 million shares, reducing its stake in Samsonite to 28.7% from 29.8%, while RBS sold 9.03 million shares more, trimming its stake to 15.2% from 15.8%, Samsonite said in a securities filing.
Goldman Sachs Group Inc, HSBC Holdings Plc and Morgan Stanley managed the offering, with UBS AG and RBS acting as joint bookrunners.
(USD 1 = 7.782 Hong Kong Dollars)
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
