L'Occitane International, the cosmetics and skincare producer and retailer, has raised $708 million from the first Hong Kong initial public offering by a French company after pricing its shares at the top of the indicated range.
The institutional offering was very significantly oversubscribed by investors from both Asia and the West, while the retail tranche was about 159 times covered, sources said. The latter led to a clawback that increased the size of the retail tranche to 50% of the deal from the initial 10%.
The popularity of the deal gives some relief to the market, which has been weary of new listings since the beginning of the year. It also offers further evidence that...
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