China-based fashion designer and manufacturer Shanghai La Chapelle Fashion has raised HK$1.69bn ($219m) in a Hong Kong initial public offering, issuing 121.9 million shares priced at HK$13.98 each.
La Chapelle designs, markets and sells clothes through retail outlets. Its investors include Legend Capital, which acts as the corporate venturing unit for conglomerate Legend Holdings, Goldman Sachs, Asia Alternatives Management, Boxin Capital and Shanghai Ronggao.
Legend Capital is the company’s principal shareholder, though its stake was diluted from 23.75% to 17.8% in the IPO. Boxin owns 8.8%, Goldman Sachs 3.75% and Asia Alternative Management 0.8%.
Goldman Sachs initially invested $48.8m in return for a 5% stake in 2010.
Jewellery and property company Chow Tai Fook Enterprise and a subsidiary of chemicals producer Zhejiang Longsheng Group invested $50m in La Chapelle as cornerstone investors in the offering.
China International Capital Corp and CLSA acted as joint global coordinators of the IPO.