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Walker Group steps up franchising arrangements to boost growth

26 May '07
3 min read

Walker Group Holdings Limited (Walker Group or the Group), a multi-brand footwear retailer with fast growing operations in China announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK).

The listing involves the offering of [150,000,000] shares in aggregate, of which 90% will be for placing and 10% will be offered to the Hong Kong public. The indicative price range will be between HK$[3.18] and HK$[3.86] per share.

Assuming the over-allotment option is not exercised and an Offer Price of HK$[3.52] (being the mid-point of the indicative Offer Price), the Group expects to raise approximately HK$[528] million from the Shares Offer.

The placing offer has attracted two renowned institutional investors as the cornerstone investors, namely the Yale Endowment Fund and ITOCHU Corporation. The Yale Endowment will subscribe 12,000,000 placing shares, representing 2% of the total issued shares of the company immediately after the offer.

The lock-up period is 12 months. ITOCHU Corporation will subscribe 7,500,000 placing shares, representing 1.25% of the total issued shares of the company immediately after the offer. The lock-up period is 6 months.

The Yale Endowment Fund is believed to be one of the best performing long-term institutional investors in the world. Through various funds, the Yale Endowment Fund invests in absolute return, domestic equity, fixed income, foreign equity, private equity, real assets and cash. The portfolio size of its investment is approximately US$18.0 billion.

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