Technology, media and investment firm the International Data Group has agreed to acquire 22% of the shares issued by Hong Kong-based handbag maker the Sitoy Group in its initial public offering (IPO), according to news provider the International Financing Review (IFR), on Monday. Italy-based fashion house Prada is set to acquire 19.6%.
Official details of the transaction have not yet been released but IFR reported that Sitoy’s IPO will raise up to $130m on the Hong Kong market. Prada’s own Hong Kong IPO raised about $2.5bn in June.
Sitoy’s factory manufactures leather goods and handbags for fashion companies including Prada, and will begin bookbuilding for the IPO on November 21st, eight days before pricing will commence.