Shares in lingerie maker Regina Miracle International soared 16% yesterday as it made its debut on the Hong Kong Stock Exchange.
The Chinese firm, which is the world’s largest manufacturer of bras, and produces lingerie for brands such as Victoria’s Secret and Calvin Klein, officially kicked off life as a public company after its IPO raised $213m (£139m).
Regina will use part of the proceeds from its IPO to fund the expansion of its global manufacturing facilities. New plants are planned in Vietnam and Wujiang, China that will double its annual production capacity by 2018.
Regina Miracle has long-term relationships with a number of internationally-recognised intimate wear brands such as L Brands, VSX, Bali, Maidenform and Champion, as well as a number of sportswear giants.
Its revenue has grown by 20% over the last two years to HK$4.2 billion (£352m), with profits rising more than 70% to HK$335m (£28m).
The company operates what it calls an ‘Innovative Design Manufacturer’ business model, providing customers with high value-added and integrated IDM services ranging from product concept design, material and technological development, specification design to production.
The group credits the IDM business model for spearheading its development into the industry’s number one bra manufacturing company globally.
According to the Frost & Sullivan Report, total retail sales of the global intimate wear industry is expected to reach $464 billion (£302 billion) by 2019, representing a compound annual growth rate of 7% from 2014 to 2019.