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By
AFP
Published
Feb 22, 2011
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Luggage-maker Samsonite plans Hong Kong share sale

By
AFP
Published
Feb 22, 2011

Feb 22 — Luggage-maker Samsonite is planning to raise $1 billion from a share sale in Hong Kong, the world's hottest initial public offering market last year.

Samsonite
Samsonite bags

The US-based firm, which makes suitcases, casual bags and travel products, has hired bankers including Goldman Sachs and Morgan Stanley to advise it on the possible listing, Dow Jones Newswires reported citing unnamed sources.

The value and size of the deal would depend on market conditions at the time Samsonite lists, with the sale expected in mid-to-late 2011.

Buyout firm CVC Capital Partners bought the firm for $1.7 billion in July 2007, saying at the time that "China and India present particularly interesting opportunities for (Samsonite's) growth."

Firms raised more than $50 billion in Hong Kong IPOs last year, making it the world's biggest market for listings including two monster sales by Asian insurer AIA in November and Agricultural Bank of China.

AgBank set an IPO world record at the time by raising $22.1 billion, while AIA garnered $20.5 billion from its share sale.

Foreign firms also looked to the city as a gateway to the vast China market with French cosmetics group L'Occitane raising $704 million in May, and Brazilian mining giant Vale listing in December, although it did not raise new money.

Italian fashion company Prada and Swiss commodities trader Glencore International are among the foreign firms planning a Hong Kong listing this year, according to reports.

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