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Jeweller Graff to launch $1 billion HK IPO May 21 - sources
May 6, 2012 / 2:11 PM / 5 years ago

Jeweller Graff to launch $1 billion HK IPO May 21 - sources

HONG KONG (Reuters) - High-end jeweller Graff Diamonds is set to launch its up to $1 billion Hong Kong initial public offering on May 21, sources familiar with the plans said on Sunday.

The London-based company, whose giant gems and rare diamonds have been worn by celebrities from Imelda Marcos to Oprah Winfrey, will start meeting investors to gauge demand for the deal on May 7, added the two sources, who were not authorized to speak publicly on the matter.

In the coming two weeks, the company, its bankers and advisers will meet with fund managers and institutional investors around the world, before deciding on a price range for the deal ahead of the roadshow. Pricing is set for early June, though no final decision has been made, the sources said.

Graff would be tapping Hong Kong equity markets after the worst start for IPOs in Asia-Pacific in about four years, with overall equity market activity down about a fifth from last year.

With nearly one-third of sales in Asia, the company is betting on resilient demand for luxury goods in China to help drive its future growth.

Graff would join Italian fashion house Prada SpA (1913.HK), luggage maker Samsonite (1910.HK), French cosmetics company L‘Occitane (0973.HK) and other global brands that have listed in Hong Kong looking to tap booming consumer demand and rising wealth in Asia.

Credit Suisse Group AG CSGN.VX, Deutsche Bank AG (DBKGn.DE), Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) were hired as joint global coordinators on the IPO.

Reporting by Elzio Barreto; Editing by Hans-Juergen Peters

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