HONG KONG — French beauty company L’Occitane International SA has fixed the share price for its initial public offering here at 15.08 Hong Kong dollars, or $1.94 at current exchange, according to a report filed to the Hong Kong Stock Exchange.
This story first appeared in the May 7, 2010 issue of WWD. Subscribe Today.
This would raise an estimated 2.64 billion Hong Kong dollars, or $339.7 million, assuming there is no exercise of the overallotment option.
The 36.4 million shares initially available were 160 times oversubscribed. And, as a result, 145.6 million shares from the international placing have been reallocated to the Hong Kong public offer, which — as reported — is due to start today.
The total number of shares available for the stock’s debut now represents 50 percent of the total 364.1 million shares initially available under the global offering.
L’Occitane, the first French company to list on the Hong Kong bourse, said its offer shares under the international placing are also heavily oversubscribed. The company plans to use the net proceeds of the offering to fund expansion across emerging markets and strengthen manufacturing processes.