China's Artini raises $80 mln in HK IPO

Fashion accessories company Artini China Co Ltd raised HK$622 million in a Hong Kong initial public offering after it priced its shares at the bottom of an indicated range, a source familiar with the deal said on Thursday.

Artini priced its shares at HK$2.22 apiece compared with an indicated range of HK$2.22-HK$3.43 each, the source said. The company is selling 280 million shares, or 28 percent of its enlarged share capital, in a deal handled by Cazenove [CAZ.UL].

Artini's offer price represents a price earnings multiple of 12 times its forecast earnings in the year to March 2009. The firm is scheduled to trade on May 16 under the symbol "789" .

The pricing comes after Chinese department store operator Maoye International Holdings Ltd fell 2 percent in a disappointing market debut this week.

The uninspiring debut is expected to curb enthusiasm for upcoming IPOs.