Samsonite increases IPO to $1.3 billion with over-allotment

Samsonite International SA, the world's largest luggage maker, increased its Hong Kong initial public offering by $46 million to nearly $1.3 billion, after underwriters exercised an option to sell additional shares to meet demand for the stock.
The company said late on Sunday 24.66 million shares were sold by its two largest shareholders at the IPO price of HK$14.5 each, boosting its IPO by HK$357.6 million ($46 million). Samsonite and shareholders, including private-equity firm CVC Capital Partners Ltd and Royal Bank of Scotland Group Plc, raised HK$9.73 billion ($1.25 billion) with the IPO last month. The stock slumped 7.7 percent in its trading debut, but has since recovered and closed on Friday at HK$14.5
CVC sold an additional 15.63 million shares, reducing its stake in Samsonite to 28.7 percent from 29.8 percent, while RBS sold 9.03 million shares more, trimming its stake to 15.2 percent from 15.8 percent, Samsonite said in a securities filing.