Informed sources said on Tuesday that the South Korean fashion retailer E-Land Group has started to promote the initial public offering of its Chinese subsidiary in Hong Kong (initial public offering, abbreviated as IPO). The scale of the IPO is 3 Billion-3.5 billion US dollars.
The top end of the IPO fundraising scale range is lower than the company’s planned $500 million fundraising at the beginning of this year.
According to the group's website, E-Land Fashion Shanghai Ltd. was established in China in 1994 and started selling products in China in 2000 under the clothing and clothing brand.
The company stated that it currently has nearly 900 stores in large cities in China and sells casual wear, underwear and children's clothing including 11 brands including Teenie Weenie and Paw in Paw.
According to the website, the company has more than 6,000 employees in China.
The above-mentioned sources said that Citigroup Inc. (C), Goldman Sachs Group Inc. (GS) and UBS AG (UBS) will be the underwriters of this IPO.
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