Prada-backed Sitoy could raise $127 mln in HK IPO

HONG KONG Sun Nov 20, 2011 8:10pm EST

HONG KONG Nov 21 (Reuters) - Sitoy Group Holdings Ltd. could raise about $127 million in a Hong Kong initial public offering, according to a term sheet for the deal seen by Reuters on Monday.

Hong Kong-based Sitoy, which makes handbags and leather goods for Prada and other global brands, is offering up to 249.6 million new shares at a price range of HK$2.95 to HK$3.95 per share, putting the total deal at up to HK$985.9 million ($126.6 million), the term sheet said.

Milan-based Prada, which raised about $2.5 billion in a Hong Kong IPO in June, agreed to buy 19.6 percent of the Sitoy shares on offer, with venture capital firm IDG buying 22 percent, IFR reported last week.

($1 = 7.787 Hong Kong Dollars) (Reporting by Elzio Barreto; Editing by Jonathan Hopfner)

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