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DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
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Samsonite to soon pick banks for $1 billion HK IPO: sources
HONG KONG |
HONG KONG (Reuters) - Luggage maker Samsonite will meet with investment banks next week in preparation for a Hong Kong IPO worth about $1 billion, sources with direct knowledge of the matter told Reuters.
Luxembourg-based Samsonite, owned by private equity firm CVC CVC.UL and Royal Bank of Scotland (RBS.L) following a debt restructuring last year, adds to the list of European consumer related companies listing in Hong Kong.
The offering is expected to come in the middle or second half of the year.
Foreign companies have flocked to Hong Kong's stock exchange, whose broad investor base, proximity to China and steady gains in the last two years has fueled an IPO boom.
RBS declined to comment. CVC and Samsonite could not immediately be reached.
French skincare products retailer L'Occitane (0973.HK) listed in Hong Kong last year. Italian fashion group Prada is planning to list in Hong Kong as well.
One of the sources said 10 banks have been invited to pitch their case for involvement in the Samsonite IPO. The so-called beauty parade usually wraps up in a week, with lead arrangers selected.
Another source said that Samsonite derives a significant amount of sales from China. The sources did not want to be named because they were not authorized to speak publicly about the matter.
(Reporting by Michael Flaherty and Fiona Lau; Editing by Ken Wills)
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