HONG KONG, Oct 5 (Reuters) Chinese down apparel company Bosideng International Holdings Ltd raised US$836 million when it priced its Hong Kong initial public offering at the top of an indicated range, sources familiar with the deal said on Friday.
The company sold 1.988 billion shares, or 25.3 percent of its enlarged share capital, at HK$3.28 each, compared with a range of HK$2.56 to HK$3.28, the sources said.
Bosideng, a privately run company based in the eastern city of Changshu, is a Chinese down apparel maker and owns brands including Bosideng, Snow Flying, Kangbo and Bingjie.
The retail portion of the offering was about 70 times covered, which triggers a clawback mechanism and increases the retail portion of the total deal to 40 percent from 10 percent, one of the sources said.
Before the clawback and deducting the 15 percent of the deal pledged to five cornerstone investors, the institutional tranche was more than 70 times subscribed, the source said.
The stock's offering price of HK$3.28 represents a price-to-earnings multiple of 26.2 times its end of March 2008 forecast earnings.
By comparison, Port Design <0589.HK> trades at 32 times 2008 forecast earnings, while Li Ning <2331.HK> and Belle International Holdings <1880.HK> trade at 41 times and 37 times prospective earnings, respectively.
Bosideng's trading debut is set for Oct. 11, under the symbol ''3998'' <3998.HK>.
Goldman Sachs and Morgan Stanley were sponsoring the deal.
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