China Sports International, a manufacturer and distributor of sports
shoes and apparel, said it plans to raise Singapore $74.7 million (U.S.
$49 million) through its IPO on the Singapore Exchange.
China Sports is a manufacturer and distributor of sports shoes and
other apparel under its “Yeli” brand in China, and the firm also
manufactures for Kappa and Fila. China Sports positions itself as a
low-end brand, targeting consumers between 12 to 30 years old.
A portion of the net proceeds will also be used to fund product
development and provide working capital.Stirling Coleman is the
manager, underwriter and placement agent for the IPO. The IPO
closes on Jul. 16. Trading is expected to begin Jul. 18.
China Sports, which is reported to have a market value of S$269.5
million (U.S. 177.4 million), will offer 100 million new shares, 29.7%
of its enlarged capital, at S$0.80 per share. This is the top end of
its S$0.70 S$0.80 indicative range. Three million of its 100 million
shares will be issued through public offer, while the remaining 97
million will be issued through private placement. A portion of the
proceeds will be used to boost production capacity, advertise and
promote the brand, as well as extend its distribution network and sales
avenue.
