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An IPO in Hong Kong by luxury diamond retailer Graff Diamonds of London seeks to value the shares held by 73-year-old founder Laurence Graff and his family at up to HK$23.9 billion, or about $3.1 billion, according to details disclosed in the company’s IPO prospectus today.
MAKE MONEY BLOG$~Graff, the latest Western fashion brand looking to promote itself and raise money in Asia through a Hong Kong listing, aims to sell up to 311.2 million shares at a maximum price of HK$37 each, raising $1.48 billion, the prospectus said.
Graff, the company chairman, and his wife Anne-Marie Graff hold a combined total of 645 million shares, including shares held on trust for Francois, Kristelle and Stephane Graff, the prospectus said. At the maximum offering price, the stock would be worth HK$23.9 billion, or about $3.1 billion.
Although global stock markets have struggled of late, Graff can take heart from successful listings in Hong Kong in the past two years by international fashion leaders Prada, L’Occitane and Coach. The offerings have worked out for investors, too: they are all trading above their initial listing price. The Graff offering has raised eyebrows, however, because much of the money raised will be used to repay debt and purchase unlisted family assets.
Graff expects to start trading in Hong Kong on June 7, the prospectus said.
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source: forbes.com
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