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China's Xtep falls 6.4 pct in HK IPO debut

Mon Jun 2, 2008 9:54pm EDT

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(For an expanded IPO diary, please click <HK/IPOMENU>)

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HONG KONG, June 3 (Reuters) - Shares in China's Xtep International Holdings Ltd (1368.HK) were set to open down 6.4 percent in their market debut on Tuesday after the company raised $286 million in a Hong Kong initial public offering.

Shares in Xtep, a Chinese sportswear retailer, were indicated at HK$3.79 in pre-market trade, compared with an IPO price of HK$4.05 per share, which was at the bottom of an indicated range.

The company, in which U.S. private equity company Carlyle Group [CYL.UL] has a stake, sold 550 million shares, or 25 percent of its enlarged share capital, in a deal handled by JP Morgan (JPM.N) and UBS (UBSN.VX) (UBS.N) (US$1=HK$7.8) (Reporting by Donny Kwok; Editing by Anne Marie Roantree)

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