- HONG KONG: Luggage maker Samsonite, backed by private equity firm CVC Capital Partners, has received approval for an initial public offering from the Hong Kong stock exchange, a source said.
The IPO could raise as much as $1.5 billion, according to some estimates. Before launching an IPO, all companies need to meet the exchange to get approval from its listing committee.
Luxembourg-based Samsonite, owned by CVC and Royal Bank of Scotland following a debt restructuring last year, would join luxury goods maker Prada SpA, commodities trader Glencore and other global multinationals looking to raise funds in Hong Kong, the world’s top IPO market for two years running.
The company hired Goldman Sachs Group, HSBC Holdings and Morgan Stanley as joint global co-ordinators for the IPO.
An outside public relations firm for Samsonite in Hong Kong did not offer an immediate comment on the IPO plans.