Samsonite International SA, the 101 year old luggage maker, backed by the London based CVC Capital Partners Ltd, is selling stock in an initial public offering that is estimated to raise up $1.5 billion. The company and its investors are offering 671.2 million shares in Hong Kong and will set a final price for the IPO by June 9th and start trading by June 16th.
CVC, a private equity firm had bought Samsonite for $1.7 billion in 2007 after the US retail division of the luggage maker sought bankruptcy protection. This had then caused a slump in demand for travel related products.
Coach Inc and Prada Spa are among the foreign consumer brands planning listings in Hong Kong, a popular luxury shopping destination for China?s swelling class of affluent people.