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Mansion International to raise up to $10m in Hong Kong IPO

Mansion International to raise up to $10m in Hong Kong IPO

HONG KONG: Mansion International Holdings on Thursday said it expects to raise up to HK$78 million ($10 million) from an initial public offering in Hong Kong’s growth enterprise market for smaller companies.

The maker of clothing and accessories for infants and toddlers is offering 100 million shares in an indicative range of 62 Hong Kong cents to 78 Hong Kong cents, it said in a statement.

Mansion International reported a profit of HK$3.1 million for the five months ended Aug. 31, 35% lower than the year-ago period, as revenue tumbled 24% to HK$119.7 million.

The company intends to use proceeds from the offering to upgrade production facilities, repay debt, meet sales, research and working capital needs.