Chinese outdoor clothing brand Fraspens to float on AIM: The Telegraph
(Reuters) - China outdoor clothing brand Fraspens is set to announce its intention to float on London's Alternate Investment Market on Monday, and would seek to raise about 4 million pounds, The Telegraph reported on Monday.
The newspaper said Fraspens' market value would rise to about 40 million pounds on its flotation on AIM.
Fraspens is following the example of Chinese companies such as furniture maker Jiansen and amusement park IT provider Galasys, which listed on the London stock market this year.
Nigel Payne, a non-executive director of Fraspens, told The Telegraph that the company was floating in Britain because of the credibility London has in China.
"The London Stock Exchange has a much greater kudos for the customers and the suppliers, manufacturers and distributors of this business than other exchanges we might have considered."
Fraspens shares are expected to start trading next month, according to the newspaper. (bit.ly/UkMdVu)
According to Euromonitor International, Fraspens is the third-biggest local outdoor clothing brand in China in terms of revenue.
Fraspens could not be contacted for comment outside of normal business hours.