Shandong Ruyi Group (山東如意控股集團) has started preparing an initial public offering (IPO) for The Lycra Co, months after acquiring the maker of the elastic material used in jeans and yoga pants, people familiar with the matter said.
The Chinese group is working with Goldman Sachs Group Inc as it explores the potential deal, which could raise about US$500 million, the people said.
It aims to sell shares in Lycra as soon as this year and is considering the US as a listing venue, the people said, asking not to be identified because the information is private.
Shandong Ruyi completed the purchase of Lycra from Koch Industries Inc in January, more than 15 months after the deal was announced.
Bloomberg News reported that regulatory delays hampered the US$2 billion cross-border acquisition, which also included brands Coolmax fibers and Thermolite insulation.
Shandong Ruyi chief strategy officer Kelvin Ho (何卓賢) in February said that the group was planning an IPO for the Lycra unit within three years.
Deliberations for the planned IPO are at an early stage, and details such as fundraising size and timing could change, the people said.
Shandong Ruyi could select an additional bank to join the deal, one of the people said.
IPO activity in the US is starting to heat up.
New listings led by Pinterest Inc have raised US$5.7 billion this month alone, more than double the amount a year earlier, data compiled by Bloomberg showed.
The haul is expected to rise even more with a coming share sale from ride-sharing giant Uber Technologies Inc, which is targeting to raise about US$10 billion, Bloomberg News has reported.
A representative for Shandong Ruyi said that the company is considering an IPO for Lycra, although it has not confirmed the listing venue, fundraising size or financial adviser.
A representative for Goldman Sachs declined to comment.
Shandong Ruyi, which has ambitions of becoming the LVMH Moet Hennessy Louis Vuitton SE of China, is pursuing the Lycra listing after a spate of overseas acquisitions of marquee fashion brands, including British trench coat maker Aquascutum and France’s SMCP SA, whose labels include Sandro, Maje and Claudie Pierlot.
The company is focusing on integrating existing brands and easing its dealmaking pace in the short to medium term, chairman Qiu Yafu (邱亞夫) said in an interview in November last year.
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