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Published
Oct 17, 2017
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Victoria's Secret and Fast Retailing invest in Crystal IPO

Published
Oct 17, 2017

Hong Kong-based garment supplier Crystal International's IPO has attracted investment from fashion giants including Uniqlo's parent company Fast Retailing Co. and Victoria's Secret's parent company L Brands Inc.

DR


Crystal International (Crystal), the world's largest garment manufacturer based on production, is hoping to raise up to $574 million through an IPO to expand its manufacturing capabilities. So far Fast Retailing, who is an existing customer with Crystal, has agreed to purchase $20 million of stock. L Brands Inc. has committed to a $10 million dollar stock purchase.

According to the filing, Crystal will use 45 percent of the IPO funds to expand manufacturing. It will use 25 percent to repay a loan originating from its purchase of Vista Corp. Holdings Ltd, a Singapore-based sportswear manufacturer. It will use 20 percent to expand upstream vertical integration and the remaining 10 percent of funds will replenish capital.

Mainland China has been home to the largest IPOs hitting the Hong Kong stock exchange in recent years. Crystal's IPO is the largest offering stemming from a Hong Kong based company in the past two years, with the company offering $509.3 million in shares for sale at HK$7.30 to HK$8.80 per share.

Crystal runs an expansive network of garment manufacturers. In addition to its locations in China, it has factories in Bangladesh, Cambodia, Vietnam and Sri Lanka. According to its IPO filings, it generates the highest production volume of any garment manufacturer globally.

Morgan Stanley and HSBC Holdings Plc are named as the joint sponsors for the IPO.
 

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