China's Artini raises $80 mln in HK IPO -source

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HONG KONG, May 8 (Reuters) - Fashion accessories company Artini China Co Ltd raised HK$622 million (US$80 million) in a Hong Kong initial public offering after it priced its shares at the bottom of an indicated range, a source familiar with the deal said on Thursday.

Artini priced its shares at HK$2.22 apiece compared with an indicated range of HK$2.22-HK$3.43 each, the source said. The company is selling 280 million shares, or 28 percent of its enlarged share capital, in a deal handled by Cazenove [CAZ.UL].

Artini's offer price represents a price earnings multiple of 12 times its forecast earnings in the year to March 2009. The firm is scheduled to trade on May 16 under the symbol "789" (0789.HK: Quote, Profile, Research, Stock Buzz).

The pricing comes after Chinese department store operator Maoye International Holdings Ltd (0848.HK: Quote, Profile, Research, Stock Buzz) fell 2 percent in a disappointing market debut this week.

The uninspiring debut is expected to curb enthusiasm for upcoming IPOs. [ID:nHKG241657]

(US$1=HK$7.8)

(Reporting by Kennix Chim; Editing by Anne Marie Roantree)