Carlyle-invested Xtep may raise $388m in IPO

Xtep International Holdings, a Quanzhou-based sportswear company in Fujian province, may raise US$388 million from a Hong Kong IPO, according to unnamed sources, Bloomberg reported. Xtep, which is 10% owned by US private equity firm Carlyle Group, plans to sell 550 million shares – a 25% stake in the firm – at HK$4.05-HK$5.50 (US$0.52-$0.65) per share, but may expand the sale by another 82.5 million shares, sources said. No timeframe was given for the listing. JPMorgan Chase and UBS AG are managing the sale.