Global Biz

Report: HK IPO planned for Samsonite

(Agencies)
Updated: 2011-05-31 06:20

NEW YORK - Private equity firm CVC Capital partners will take Samsonite International S.A. public on the Hong Kong stock exchange in early June, according to a published report.

The luggage maker will sell 671 of its shares, equivalent to a 47.7 percent stake in the company, The Wall Street Journal said in an article on its website on Monday. CVC owns 54.3 percent of Samsonite and the move will allow it to divest much of its stake, according to the newspaper.

Samsonite hopes to raise up to $1.51 billion through the public offering, which is set for June 3, the newspaper said, citing documents it said it had seen. Samsonite had earlier been attempting to raise less - around $1 billion, the newspaper said, citing unidentified people familiar with the deal.

Samsonite seeks to profit from China's growing economy by listing its shares in Hong Kong, the paper reported.