HONG KONG: Luggage maker Samsonite's trading debut in Hong Kong had a weak start Thursday with the shares down 10.3 percent from their IPO price amid choppy global markets.
The firm's stock opened at HK$13 ($1.67) after an initial public offering, priced at HK$14.50 per share, raised a lower-than-expected $1.25 billion as Samsonite looks to boost its presence in fast-growing Asian markets.
Hong Kong's benchmark Hang Seng index opened 1.32 percent lower Thursday.
Uneasy global markets have prompted some firms to delay or cancel their IPOs in the Asian financial hub, including Australian miner Resourcehouse.
Last week, the company shelved an IPO originally slated to raise as much as $3.6 billion, citing weak market conditions.
Copyright AFP (Agence France-Presse), 2011
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