Business

Fri May 30 01:37:14 PDT 2008

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HONG KONG, May 30 (Reuters) – Chinese sportswear retailer Pou Sheng International (Holdings) Ltd raised $322 million in a Hong Kong initial public offering after it priced its shares near the bottom of an indicated range, according to a document sent to investors on Friday.

Pou Sheng, a spin-off from the world’s top sports shoe maker Yue Yuen Industrial (Holdings) Ltd <0551.HK>, priced its shares at HK$3.05 apiece, compared with a range of HK$2.93-HK$3.75 each, the source said.

The company is selling 823.4 million shares, or 23 percent of its enlarged share capital, in a deal handled by Merrill Lynch <MER.N> and Morgan Stanley <MS.N>.

The firm is scheduled to start trading on June 6, under the symbol "3813" <3813.HK>.

(US$1=HK$7.8)

(Reporting by Kennix Chim, editing by Ken Wills)

Provided by Reuters

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