Legend Capital-Backed La Chapelle Completes $220M HK IPO

Venture-backed Chinese multi-brand apparel group Shanghai La Chapelle Fashion Co., Ltd. has completed an IPO in Hong Kong yesterday, raising a total of HK$1.7 billion (US$220 million) by offering 121.58 million ordinary shares at HK$13.98.

The float priced at the bottom range of its indicative offering price of HK$13.98 to HK18.20 apiece.

Investors in the company include Legend Capital, Boxin Capital, Shanghai Ronggao Venture Capital, Beijing Goldman Sachs and Asia Alternatives Management LLC.

According to its prospectus, Legend Capital holds 17.81% of the company, Goldman Sachs owns 3.75%, Boxin Capital and Asia Alternative Management each holds 4% and 0.83% respectively after the completion of the IPO.

Beijing Goldman Sachs invested RMB300 million (US$48.9 million) for a 5% stake in 2013, says the filing.

Two cornerstone investors, Hong Kong-based jewelry and property conglomerate Chow Tai Fook Enterprises and a subsidiary of Chinese specialty chemical firm Zhejiang Longsheng Group, have invested US$50 million in total in the IPO.

La Chapelle currently operates five brands for women, two menswear brands and one childrenswear brand.

The company posted revenue and net profit of RMB6.2 billion and RMB413 million in 2013, up from RMB3.8 billion and RMB260 million, respectively.