Massage chair and lifestyle products company Osim has submitted a preliminary prospectus to the Hong Kong Stock Exchange to relist as V3.
Osim was delisted from the Singapore exchange on August 29 after founder/CEO Ron Sim, through his vehicle Vision Three, launched a US$7.8 billion takeover offer.
V3’s IPO has not been priced yet. Proceeds will be used to repay a $229.4 million loan obtained by Osim, and the acquisition of a 69 per cent equity stake in Futuristic, a Singapore-based manufacturer of store fixtures.
V3 posted total revenue for last year at $411.4 million, according to the draft prospectus. Credit Suisse, Bank of China International and Jeffries are the joint sponsors for the IPO.
Osim has 35 stores in Hong Kong, 172 in China, 46 in Malaysia, 26 in Singapore and 55 in Taiwan, as well as 93 franchised stores in 15 countries. Last year, 76.8 per cent of Osim’s own-store revenue came from the Greater China region.
Sim established TWG Tea in Singapore in 2008, with core markets in China, Hong Kong, Macau, Singapore and Taiwan. He last year said that freed from the “distractions” of running a listed company, he could give his undivided focus to growing the group.
