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Private Equity-Backed Topsports Raises USD1 Billion in IPO

China-based sports apparel company Topsports International has raised HKD7.9 billion (approximately USD1 billion) through an initial public offering (IPO) on the Hong Kong Stock Exchange. The company sold 930 million shares at a price of HKD8.50 (USD1.08) per share in the IPO. Topsports, which is backed by China-focused private equity firms CDH Investments and Hillhouse Capital Management, manufactures sportswear for brands such as Nike and Adidas and distributes the apparel through its more than 8,000 stores across China. Underwriters of the IPO may exercise an over-allotment option to purchase up to 140 million additional shares within 30 days of the offering.