Xiamen-based department store operator PCD has revived its plans to go public and is seeking up to US$445 million in an initial public offering in Hong Kong, the Wall Street Journal reported. It had originally planned to hold an IPO, projected to raise US$407 million, in December of 2007, but its plans were shelved due to documentation problems. The funds raised in the new IPO will be used to expand its department stores and fund its general working capital. PCD will sell 1.5 billion shares, or 37.5% of its enlarged share capital, at an indicative price range of HK$1.5-2 (US$0.213-0.258) a share to raise up to US$387 million. If demand is strong, PCD also has the option to increase the deal size by 15% to raise a maximum of US$445 million. The company started with a single store in Xiamen in 1998 and now operates 16 stores in cities including Beijing, Xiamen and Xi’an. While operating stores selling high-end brands such as Cartier and Hugo Boss, PCD also hopes to expand its retail outlet mall operations. The company plans to list in Hong Kong by December 15.
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