Freshfields checks in for lead role on Samsonite's $1.5bn Hong Kong IPO
Freshfields Bruckhaus Deringer has won a lead role on Samsonite International's $1.5bn (£909m) Hong Kong initial public offering (IPO), reports The Asian Lawyer. Luggage maker Samsonite is set to become the second foreign consumer brand to go public in Hong Kong, following French skincare brand L'Occitane International's $780m (£473m) launch last year.
May 31, 2011 at 07:35 AM
2 minute read
Freshfields Bruckhaus Deringer has won a lead role on Samsonite International's $1.5bn (£909m) Hong Kong initial public offering (IPO), reports The Asian Lawyer.
Luggage maker Samsonite is set to become the second foreign consumer brand to go public in Hong Kong, following French skincare brand L'Occitane International's $780m (£473m) launch last year.
Freshfields is advising Samsonite on US and Hong Kong law with a team led by London corporate partner Stuart Grider, supported by senior associate Amy Beckingham, alongside Hong Kong corporate partner Chris Wong.
Beijing's Haiwen & Partners is advising Samsonite on Chinese law, while Luxembourg-based Oostvogels Pfister Feyten is acting as Luxembourg counsel for the issuer.
Samsonite's shares are priced between $1.70 (£1) and $2.20 (£1.30), which will result in a market capitalisation of at least $2.4bn (£1.5bn) at launch. The company aims to begin trading on 16 June.
Freshfields previously advised CVC Capital Partners on the recapitalisation of Samsonite in 2009, with the Hong Kong IPO allowing the private equity firm to exit part of its stake in Samsonite.
CVC paid $2bn (£1.2bn) for 100% of Samsonite in 2007. After several restructurings, it now owns 54% of the luggage maker. Royal Bank of Scotland is also a major shareholder in Samsonite, holding a 30% interest in the company.
The underwriters are HSBC, Goldman Sachs, Morgan Stanley, Royal Bank of Scotland and UBS. The legal advisers to the underwriters were not listed on the company's preliminary prospectus.
The news comes as Italian fashion house Prada also plans an IPO in Hong Kong. Prada, which will launch its roadshow on 6 June, is hoping to raise at least $2bn from the listing.
The Asian Lawyer is a US affiliate title of Legal Week.
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