Luggage maker Samsonite International S.A. stands to raise between $1.16 billion and $1.51 billion in an initial public offer later this month.
This story first appeared in the June 6, 2011 issue of WWD. Subscribe Today.
The company made its ipo prospectus available Friday via the Hong Kong Stock Exchange website. The company said it plans to offer 671.24 million shares.
The indicative price range for the shares is 13.50 Hong Kong dollars, or $1.74, to 17.50 Hong Kong dollars, or $2.25, or per share. Based on that range, the company will raise between 9.06 billion Hong Kong dollars and 11.75 billion Hong Kong dollars.
The bulk of those proceeds will go directly to Samsonite’s current shareholders, which include CVC Capital Partners, and the remainder will be used to pay off the company’s debts.
Samsonite, which is listing in Hong Kong the same month as Italian luxury goods house Prada, said it expects to announce the official offer price by June 15 and for its shares to commence trade on June 16.
The company said its 2010 adjusted EBITDA more than doubled to $191.9 million and its sales rose 18.1 percent to $1.22 billion.