Kappa brand owner prices IPO at the top

China Dongxiang raises $702 million amid heavy competition for funds.

China Dongxiang, owner of the fashion sportswear brand Kappa in China, has priced is initial public offering at the top of the indicative range at HK$3.98 for a total deal size of HK$5.47 billion $702 million.

Given the strong growth expectations for Chinese consumer spending in general, and the branded sportswear market in particular, it was no surprise that the deal attracted strong demand from both institutional and retail investors. Especially since the bookbuild also coincided with...

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