Chinese sportswear brand eyes London listing
07/03/2012
China-based sportswear company Naibu is set to be the first Chinese sportswear brand to list in London in an IPO planned for April, according to Reuters.
Naibu Global International’s IPO on the Alternative Investment Market (AIM) would fund its domestic expansion and also help raise its international profile, sources told Reuters.
“While they are not looking to establish themselves internationally yet in terms of their brands, they do want to build the international profile with a longer-term perspective in mind,” said one of the sources. The sources requested anonymity as they are not authorised to talk to the media.
Naibu, whose orange-coloured product logo appears similar to the Nike swoosh, plans to use the proceeds to build factories in central and western China as it seeks to expand its sales of Naibu-branded sports shoes, clothing and accessories in lower-tier cities, a company spokesman said.
The company was founded by Chinese businessman Huoyan Lin in southeastern province of Fujian in 2002.
The company employs about 2,000 staff at its factories and has nearly 3,000 Naibu stores across 21 provinces in China. Naibu’s management is currently doing a roadshow in London, the spokesman said, but declined to comment on the listing details.
Naibu would likely have a total market value of £110 million after the IPO, with free float under 50% of the company’s total share capital, one of the another sources said.
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