China's Best Hawaiian International Holdings will try to raise even HK$625 million ($80 million) after this week by floating its shares operating in Hong Kong as it seeks to satisfy Asia's growing lust for lingerie.
Proper Pacific – which supplies Marks and also Spencer, Spanx and Victoria's Undercover with bra and other lingerie textiles – is looking to price two hundred and fifty million primary shares at out of HK$1. 85 and HK$2. 70 to help fund its expansion.
All the shares, which represent 25% from the capital, value the company at out of HK$1. 85 billion and HK$2. 5 billion. CCB International most likely the lead bookrunner and the shares are hoped for to price on May 16.
The very first signs are promising. Although there will be no cornerstone investors, the institutional make a reservation was covered on the first afternoon of the bookbuild, with demand generated from long-only funds, hedge funds and personal banks, a banker familiar with the challenge told FinanceAsia.
Best Pacific describes through itself as a one-stop shop for global bra and panty sets brand owners and manufacturers, jogging elastic fabric, elastic webbing additionally lace product lines.
The company's revenues totaled HK$1. 7 billion in 2013, a 21% improvement on both the spring season and 2011. Profits hit HK$244. 5 million last year compared with HK$198 million in 2012 and HK$205. being unfaithful million in 2011.
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More recently, Best Pacific also mentioned revenues of HK$387. 5 million for the first quarter of 2014, a nice 24% improvement on the same period a whole year earlier.
Already a supplier at a number of leading global bra creators – in addition to Marks & Macias, Spanx and Victoria's Secret, this tool supplies Aimer, Chantelle, Embry Version, Maniform, Triumph and Wacoal , the company wants to boost its universal market share, which stood at 2 . not 3% in 2012.
The global lingerie advertise, which was worth an estimated $65. six billion in 2012, is forecast to kick or punch $82. 1 billion in 2016, underpinned by improvements globally operating in living standards and growing require better quality products, according to consultancy determined Frost & Sullivan.
Frost and also Sullivan forecasts that the lingerie advertise in China alone will evolve at a compound annual growth attrition rate of 16. 7% from the spring season to 2016, reinforcing Best Pacific's growth ambitions.
"The global bra and panty sets materials market is expected to be increased by rising demand from the improving global lingerie market, especially in Taiwan, " Lu Yuguang, Best Pacific's chairman, said. "Therefore, we will increment our production capacity by purchasing bonus machinery and building our 9th production facility to meet the elevating demand. "
Best Pacific intentions of using the proceeds from its initial khayalak offering to build a ninth development in the body facility in Dongguan, with shape scheduled to start in 2015.
Along with expanding its lace division , a segment that tends to push higher gross margins – Best Hawaiian has also branched out into sportswear material production, offering elastic textiles and webbing to sportswear branded owners and manufacturers to remedy sports bars, cycling, running, are definitely the outfits and casual apparel.
Earning potential globally for the elastic webbing for the lingerie totaled $1. 6 thousand in 2012 compared with $1. 4 thousand in 2008, estimates Frost and also Sullivan, which sees them going up further to $2 billion in 2016.
Among the challenges facing Proper Pacific is the potentially adverse affect on Chinese consumer demand of a slowing down Chinese economy. Although some analysts believe fears of a slowdown are overblown, lower-than-expected earnings results in China together with disappointing manufacturing data have lately weighed on local stock industries.
After hitting a 2014 at the top of April 10 of 23, 186, Hong Kong's blue-chip Hang Seng Index has fallen about 4% and is now down 5% year-to-date. China's Shanghai Shenzhen CSI 3 Index, meanwhile, is down 6% so far this year.
Like other Far eastern companies, Best Pacific is also at risk of any changes in the mainland government's industrial reforms, noting in its filing which in turn any political instability, changes in regulations, currency controls, and import/export borne or tariff alterations all used the potential to hurt its ultimate.
The fact that it does not enter into long-term constricts with its customers also exposes Proper Pacific to some revenue volatility.
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