Artini China, a Hong Kong fashion jewellery maker and retailer, plans to raise as much as HK$962 million in the city to fund its outlet expansion on the mainland, a source says.
It is selling 280 million shares - of which 89.29 per cent are new issues and the rest held by existing shareholders - at between HK$2.22 and HK$3.43 each, translating into 12 to 18.5 times the firm's earnings next year.
The firm is scheduled to start its international roadshow today and meet local investors in Hong Kong before moving to Singapore on Wednesday. The final price will be set on May 7 and the trading debut will be on May 16.
European investment bank Cazenove (Asia) is the sole sponsor. China International Capital Corp and Guotai Junan (Hong Kong) are th co-lead managers.
Meanwhile, Asia Cement (China) Holdings plans to raise as much as US$285 million by selling 345 million shares, or 25 per cent of its enlarged share capital, at HK$4.85 to HK$6.45 each, Reuters reported.