BRIEF: Forest Cabin launches $130 million Hong Kong IPO
Skincare products maker Shanghai Forest Cabin Cosmetics Group Co. Ltd. (2657.HK) launched its Hong Kong IPO on Thursday, aiming to sell about 14 million shares for HK$77.77 each to raise about HK$1 billion ($129 million) in net proceeds.
Applications for IPO shares will close on Dec. 23, with a trading debut set for Dec. 30, the company said. Five cornerstone investors have committed to buying $62 million worth of IPO shares, or about 44% of the total being sold. The company plans to use 20% of IPO proceeds for branding activities, and another 20% to enhance its online and offline sales networks.
Forest Cabin’s revenue nearly doubled to 1.05 billion yuan ($149 million) in the first half of this year from 530 million yuan a year earlier. Its net profit more than doubled to 182 million yuan from 86.7 million yuan over that time.
By Doug Young
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