Chinese cosmetics firm Mao Geping is set to price its shares at top of the price range to raise $270 million in a Hong Kong initial public offering, according to a source with direct knowledge of the matter.
Mao Geping did not immediately respond to a request for comment.
The company is selling 70.6 million shares and had flagged a price range of US$3.38 to $3.83 per share when the deal was launched on Monday, according to its filings.
At the top of the range, Mao Geping will raise $270 million in the IPO.
Mao Geping, one of the most famous make-up artists in China, launched his eponymous cosmetics label in 2000. It has contributed to the rise in recent years of C-beauty or Chinese beauty products, which local consumers increasingly consider on par with international skin care and cosmetics brands
China’s premium beauty market is valued around $26.93 billion, according to Mao Geping’s prospectus.
The company has 372 points of sale across department stores in China, while around half of its sales come from e-commerce platforms, including Tmall, Douyin, JD.com, and Xiaohongshu.
- Reporting by Scott Murdoch; Editing by Kim Coghill, of Reuters.
