By
AFP
AFP
Published
May 23, 2011
May 23, 2011
Hong Kong handbag retailer surges 66% on debut
By
AFP
AFP
Published
May 23, 2011
May 23, 2011
Second-hand luxury handbag retailer Milan Station's closed 66 percent above its initial public offering price on its Hong Kong debut Monday, after a record-breaking share sale.
 The Hong Kong-based firm closed at HK$2.77 (36 US cents), well above the HK$1.67 IPO price with the stock soaring 77 percent in morning trade. The company outperformed a weak broader market, with the benchmark Hang Seng Index 2.11 percent lower. Milan Station's share sale set a record as the city's hottest ever, with its IPO oversubscribed by more than 2,100 times, according to reports. The company was aiming to raise about HK$270 million from its offer, but the sale attracted orders worth around HK$58 billion, The Standard newspaper reported, citing unnamed sources. The demand smashed a previous IPO record of 1,702 times oversubscribed set by Tianjin Port Development in 2006. Milan Station is a popular secondhand luxury handbag retailer in the former British colony with 10 outlets in the city, as well as branches in Beijing, Macau and Taipei. It joins a long line of brands seeking to tap cash-rich Chinese consumers' growing appetite for luxury products. Italian fashion house Prada and upscale handbag maker Coach said they were also eyeing a listing in Hong Kong. Copyright © 2023 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses. See also |
