Deals
Victoria's Secret Owner to Invest in Hong Kong Company Crystal’s IPO
- Japanese clothing chain Uniqlo’s owner also makes investment
- Garment supplier seeks funds to expand manufacturing capacity
Photographer: Wang He/Getty Images
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Garment supplier Crystal International Group Ltd. attracted cornerstone investors including Fast Retailing Co. to its Hong Kong initial public offering, which is seeking to raise as much as $574 million.
The Hong Kong-based company is offering 509.3 million shares at HK$7.30 to HK$8.80 apiece, according to terms for the deal obtained by Bloomberg on Tuesday. Fast Retailing, which runs the Uniqlo fashion chain and is a Crystal International customer, has agreed to buy $20 million of stock in the offering. L Brands Inc., owner of Victoria’s Secret, committed to buy $10 million of stock, the terms show.