Chinese cosmetics firm Mao Geping prices shares at top of range in Hong Kong IPO (updated)

Mao Geping Cosmetics

09/12/2024 14:33

(Updates with details and background throughout)
       Dec 9 (Reuters) - Chinese beauty brand Mao Geping
 1318.HK  on Monday set the price for its shares at the top of
the range, as it looks to raise $270 million in a Hong Kong
initial public offering. 
    The company is selling 70.6 million shares and put a price
range of HK$26.30 to HK$29.80 when the deal was launched. 
    China's premium beauty market is valued around 195 billion
yuan ($26.85 billion), according to Mao Geping's prospectus.
    The company, which is led by one of the most famous make-up
artists in China, is listing at a time when Hong Kong is seeing
some improvement in IPO activity this year.
    It has 372 points of sale across department stores in China,
while around half of its sales come from e-commerce platforms,
including Tmall, Douyin, JD.com, and Xiaohongshu.
    There have been $4.68 billion worth of Hong Kong IPOs in
2024, Dealogic data shows, compared to $5.7 billion in 2023.
    Reuters earlier this month reported Mao Geping was set to
price its shares at top of the price range.

($1 = 7.2620 Chinese yuan renminbi)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Arun
Koyyur)
 ((Rishav.Chatterjee@thomsonreuters.com;))