eland-launches-ipo-of-25-of-the-company

E-Land launches IPO of 25% of the company

The women's multi-brand fashion designer is looking to sell up to $369 million worth of shares, although only 60% are primary capital.
ChinaÆs fifth largest womenÆs apparel company, E-Land Fashion China Holdings, kicked off the institutional portion of its initial public offering yesterday and will sell 25% of the company, compared with earlier plans to part with only 15%.

With a price range of HK$3.80 to HK$5.80, this will give a base deal size between HK$1.89 billion and HK$2.88 billion $242 million to $369 million. A 15% greenshoe could lift the total proceeds to as much as $424 million. Initially, the company had planned to sell only new shares, but the owner, KoreaÆs ELand World Group, was unwilling to see that much dilution now that the free-float is to be a quarter...
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