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Stella International Holdings Ltd, a shoe maker that supplies to brands such as Givenchy, has raised HK$3.02 billion (US$387 million) from a Hong Kong initial public offering, said two people with direct information. The Christian Louboutin booties ankle boots sold 195 million new shares, a 25 percent stake, at HK$15.50, the top end of a HK$12.50 to HK$15.50 range, said the people, who declined to be identified before an official statement, Bloomberg News reported. Hong Kong-based Stella raised the money to boost production, expand its new retail operations in China and acquire shoe and accessory brands and companies, its share sale document said. Global revenue from shoe sales grew Christian Louboutin booties ankle boots percent annually from 1997 to 2006, the document said, citing Global Industry Analyst. Goldman Sachs Group Inc arranged the offering. Edward Naylor, a Hong Kong-based spokesman for Goldman Sachs, confirmed the pricing though declined to give other information. Stella, founded in Taiwan in 1982, develops and makes shoes at its own factories in south China's Guangdong Province and through subcontractors in the country and Vietnam. North America accounted for 62.3 percent of Stella's revenue last year and Europe 28.4 percent. Sales in China's mainland and Hong Kong contributed 2.9 percent. The company makes shoes for brands Christian Louboutin daffodil platform pumps Clarks, Rockport, ECCO, Deckers, Celine, Donna Karan New York and Marc by Marc Jacobs, according to the share sale document. China Eastern Airlines Corp Stake sale to Singapore Air OK'd China Eastern Airlines Corp, the nation's third-largest carrier, won preliminary government approval to sell a stake to Singapore Airlines Ltd, which is seeking better access to the world's second-largest aviation market.
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