Upmarket cosmetics group L’Occitane has raised HK$5.49bn ($707m) in the first Hong Kong initial public offering of a French company, according to people familiar with the deal.
The company, which manufactures its products in Provence, sold 364.12m shares, or a 25 per cent stake, at HK$15.08 each – the top of its intended price range.
That price values the company at $2.8bn and represents a multiple of 21.9 times forecast earnings for the year ending March 2011, in line with other global cosmetics retailers.
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