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).

The pricing comes after Chinese department store operator Maoye International Holdings Ltd (0848.HK) 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)