Samsonite's IPO raises $1.25b at low end of price

Samsonite International sold shares at the bottom end of a revised price range in its Hong Kong initial public offering, raising HK$9.73 billion ($1.25 billion, Dh4.6 billion) for the company and shareholders, two people with knowledge of the IPO said. Samsonite, the luggage maker backed by London-based CVC Capital Partners Ltd., sold shares at HK$14.50 apiece, the people said, declining to be identified because details are private. The company yesterday narrowed an original price range marketed to investors to HK$14.50 to HK$15.50, from HK$13.50 to HK$17.50. The IPO raised $250 million less than the maximum originally sought, highlighting how companies are struggling to obtain top valuations in Hong Kong as the Hang Seng Index suffers its worst monthly slump in a year. Two-thirds of companies that went public in the Chinese city in 2011 have fallen from their offer price.