Quanzhou-based Chinese sportswear company 361Â° has been listed in Hong Kong, with an initial public offer price of HKD3.61 per share.
The retailer has revealed that the company will issue 500 million new shares this time, including 450 million international placing shares, accounting for 90%, and 50 million public offer shares, accounting for 10%, in addition to 15% over-allotment options.
According to 361Â°'s prospectus, about 38.9% of its financed capital will be used to improve its brand; about 32.2% will be used for the construction of the company's facility in Fujian province; about 9% will be used to develop its footwear products for children; 6% for product tests and research; 3.9% for setting up of a corporate material system; and the remaining 10% will be operating fund.
Public statistics show that 361Â° will increase its penetration in first-tier cities in mainland China while enhancing its markets in second and third-tier cities. In addition, the company will launch children's wear business in 2010.