CVC takes additional $29m from Samsonite IPO over-allotment
CVC and Royal Bank of Scotland made an additional $46 million from Samonsite's Hong Kong IPO after underwriters exercised the over-allotment option to meet demand for the shares. The luggage maker's IPO initially raised $1.25 billion and the stock slumped 7.7% on its trading debut, although it has since recovered.
CVC sold an additional 15.63 million shares at HK$14.5 each, raising $29 million to add to its initial $521 million. The private equity firm's stake in Samsonite has now fallen to 28.7% from 29.8%. RBS sold 9.03 million shares, trimming its stake to 15.2% from 15.8%. The bank, which took $300 million from the original offering, now has an additional $16.8 million.
The IPO was managed by Goldman Sachs, HSBC and Morgan Stanley, with UBS and RBS acting as joint bookrunners.
CVC bought Samsonite in 2007 for $1.7 billion, including debt, and funded most of the transaction with a loan from RBS. A subsequent round of restructuring - necessitated by downturn in business due to the global financial crisis - saw RBS take a near 30% stake in the company.
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