The Hong Kong office of international law firm Eversheds has advised BOCI Asia Limited on the US$84.6 million IPO listing for skincare company Magic Holdings International Limited.
BOCI Asia Limited is the sole global coordinator, bookrunner, sponsor and lead manager on the IPO of Magic Holdings International Limited (“Magic”), a company principally engaged in the research and development, manufacturing and sales of facial masks and other skincare products in China.
The IPO consisted of an aggregate of 200,000,000 offer shares, priced at US.42 per share (subject to the over-allotment option), which was listed on the Main Board of The Stock Exchange of Hong Kong Limited on 24 September 2010, which includes an international offering. The IPO was a huge success as its retail tranche was more than 800 times oversubscribed. Magic intends to apply the net proceeds of the IPO for brand promotion, business expansion and research and development in the region.
Corporate partner Stephen Mok led the team. He was assisted by corporate associates Norman Hui, Jessica Yiu and David Lau and paralegal Wong Man-wai. Stephen comments:
“Eversheds routinely advises clients on all manner of IPO listings and we are extremely pleased to have assisted BOCI Asia Limited on this latest IPO which will help Magic to further develop its brand.
“Hong Kong is preparing itself for a boom in IPOs with a combined $6 billion already being targeted by companies for September. The investors base in this part of the world is still relatively strong despite the financial crisis and supports attractive valuations not only for companies in China but also other countries.”
Daniel Ng – Managing Director, Head of Corporate Finance and Vice Chairman, Investment Banking Division, at BOCI Asia Limited added:
“Eversheds is a trusted partner, who recently advised us on a HK$400 million rights issue by PYI Corporation Limited. We thank them for their work on this latest IPO listing and look forward to working with them again.”
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