BIZCHINA / Biz Media Digest
Garment: Anta plans $405m IPO
(Bloomberg)
Updated: 2007-06-20 16:47
Anta Sports Products Ltd, China's largest maker of athletic shoes, may
raise HK$3.17 billion (US$405 million) in a share sale that attracted
Houston Rockets' owner Leslie Alexander, two people familiar with the
deal said.
The company will sell 600 million new shares at HK$4.28 to HK$5.28 each
in Hong Kong, said the people, declining to be named before an official
statement. The initial public offering values Anta, which tripled profit
last year, at as much as US$1.6 billion.
Alexander will invest HK$234.5 million in the IPO, the people said.
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in solid HK debut
"We like the market-leading position that Anta has created in the
sporting goods field," said Andy Mantel, managing director at Pacific Sun
Investment Management Ltd. in Hong Kong, adding that he's interested in
buying the stock.
Morgan Stanley is lead underwriter for the IPO.
Anta makes products under its own brand and supplies other makers of
sports shoes and clothing. Its sales surged 87 percent last year to 1.25
billion yuan. The family-owned company tripled net income to 147.4
million yuan.
Chinese consumer-goods firms including Belle International Holdings and
Intime Department Store (Group) Co have gone public this year, taking
advantage of soaring valuations to raise funds ahead of the Olympics. The
nation's sportswear market is growing about 23 percent annually, Daiwa
Securities Group Inc. estimates.
(For more biz stories, please visit Industry Updates)
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