Mainland apparel-maker and distributor Kin Don Holdings plans to enter the men's winter-wear market with a $76 million initial offering. The company will offer 125 million shares - 70 per cent of which will be new shares - at $1 a share, pricing the company at 4.4 times earnings on a fully diluted basis. About $50 million of the initial offering is earmarked for cloth and other raw materials to create a line of winter wear, primarily outerwear and business suits. Of the remainder, $10 million will be used to expand its product range, $8 million to enhance its inventory system and to purchase new production machinery and $4 million for marketing and promotion of its brand name. The remainder of the funds would be retained for general working capital, the company said. The issue is being sponsored by BNP Prime Peregrine. Sales amounted to $312.54 million for the year to November 30 last year, and $148.12 million for the four months to March 31. The company made an attributable profit of $93.14 million and $46.4 million in the two periods. It forecasts a net profit of not less than $110 million for the current year. Dealing in the shares will begin on September 9. Kin Don had a network of 133 franchises in July, as well as eight department-store outlets, The company also had two shops in the mainland's Huiyang City from which it operates.