On June 16, 2011, Samsonite International S.A. (“Samsonite”), the world’s largest travel luggage company by retail sales value in 2010, successfully listed on the Hong Kong Stock Exchange. The offering consisted of 18% primary shares and 82% secondary shares, with a 15% greenshoe option. The offering was launched with a price range of HKD13.50-17.50, and the final price was set at HKD14.50, implying a pre-greenshoe deal size of $1.3 billion at a valuation of 18.3x 2011PE, and a market capitalization of $2.6 billion at the time of listing.
Moelis & Company was selected as exclusive financial advisor by Samsonite and CVC through a competitive process held in January 2011 and played a key role in the listing, including:
- Advising on selection of banks, formation of underwriting syndicate and negotiation of underwriting fees and engagement terms
- Advising on offering structure, timing, valuation considerations and Hong Kong execution process
- Consolidating joint bookrunners’ pre-deal investor education and roadshow investor feedback and validating through independent checks
- Advising on pricing and allocation with joint bookrunners including Goldman Sachs, HSBC, Morgan Stanley, UBS and RBS
Moelis & Company contributed significantly to the seamless execution of the IPO with the initial A-1 listing application submitted within four months and approval received from the Hong Kong Stock Exchange for Samsonite’s listing granted within 10 weeks of submission.
