Chinese cosmetics firm Mao Geping set to price shares at top of range in Hong Kong IPO, source says

Reuters12-05

UPDATE 1-Chinese cosmetics firm Mao Geping set to price shares at top of range in Hong Kong IPO, source says

Adds deal detail from third para

By Scott Murdoch

SYDNEY, Dec 5 (Reuters) - 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 HK$26.30 to HK$29.80 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 195 billion yuan ($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)

((Scott.Murdoch@thomsonreuters.com;))

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