CVC-backed Samsonite aims for $1.51b raise
Samsonite, the luggage manufacturer majority-owned by CVC, has set a $1.51 billion target for its impending IPO in Hong Kong, slated to launch on June 16.
The Massachusetts-headquartered company was first reported to be seeking a Hang Seng listing in November, and in February it named Goldman Sachs, HSBC, Morgan Stanley, Royal Bank of Scotland and UBS as bookrunners for the deal.
Samsonite is approximately 60%-owned by CVC, which first acquired a stake in the company for $1.7 billion in 2007. CVC reportedly paid another $175 million in June 2009 when the company was underwent debt restructuring, facilitated by loans by the Royal Bank of Scotland.
Hong Kong has become a popular choice for foreign fashion labels seeking Asian investors as well as wider brand recognition among emerging consumer markets in the region. Prada, the Italian luxury goods brand, is expected to list towards the end of June, while US rival Coach has announced plans to follow suit later in the year.
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