La Natsu Bell Broke Through IPO 3 Times In 6 Years.

3 times in 6 years, IPO.

At last, we got what we wanted.

According to the world clothing shoes and hats net, Shanghai La Natsu Bell

The limited company (hereinafter referred to as "La Natsu Bell") officially landed on the Shanghai Stock Exchange today. It intends to issue 54 million 770 thousand shares in A shares at a price of 8.41 yuan / share. After issuing, the total share capital is 332 million 881 thousand and 842 shares, the amount raised is 1 billion 640 million yuan, and the stock code is 603157.

As of press release, La Natsu Bell shares 12.11 yuan, the total market value of 6 billion 632 million yuan.

Listing the history of blood and tears: three shocks to A shares in 6 years, IPO

As a "Chinese version of ZARA," a large number of VC/PE shareholders behind La Natsu Bell are strong, but its listing is not smooth.

In May 1998, Fujian businessman Xing Jiaxing founded "La Natsu Bell".

The concept emphasizes the rapid updating of styles.

It is mainly engaged in clothing independent design and research and development, outsourcing production, brand promotion and direct sales; the company has La Chapelle, Puella, Candie 's, 7.Modifier, La Babit, Vougeek and POTE, and other brands, including all categories except elderly clothing.

La Natsu Bell's IPO road began in 2012, submitted to the China Securities Regulatory Commission IPO application, but unfortunately encountered IPO eighth "gate", at the end of May 2013, La Natsu Bell was the CSRC "terminate the review", its first impact on A shares ended in failure.

From the public information display, La Natsu Bell failed in the first battle of IPO, in addition to being affected by the IPO suspension, it was also related to the market share of the A industry.

In 2011, a total of 12 clothing companies applied for A shares IPO, but only 6 companies successfully passed, including Shanghai, Fujian, Zhuhai, Fujian, and so on, and so on, clothing, home textile companies such as IPO have suffered a halt, in the face of IPO stop, let "can not afford to spend" of the Hong Kong stock market has to fight.

In November 2013, La Natsu Bell submitted a IPO application to the HKEx.

Due to the simple process, short time and low cost of listing in Hongkong, it became the only choice for many mainland enterprises to postpone the A share financing process.

After undergoing stock reform and other procedures, La Natsu Bell listed on the HKEx in October 9, 2014.

It is understood that at the offering stage, La Natsu Bell's price per share was HK $13.98, and the net fund-raising amount was about HK $1 billion 600 million.

However, on the first day of La Natsu Bell's listing, intraday share price fell below the issue price for a time.

Then, after a brief rise, the company's share price began to fall from February 2016, and from February 1, 2016 to the end of 7 months, the company's share price fell by about 40%, and its lowest price fell to HK $6.405.

As of September 24th of this year, La Natsu Bell's stock price was HK $10.34, and it was still in a state of breakage.

In the long run of Hong Kong stocks, La Natsu Bell, who has only been listed in Hong Kong stocks for one year, has always wanted to return to A shares.

In April 2015, the shareholders' meeting adopted a motion to return to A shares.

In October 2015, La Natsu Bell once again embarked on the A shares journey, submitted the IPO application materials, but has not been below; in this case, La Natsu Bell's A share listing plan was once again stranded.

After being rejected by the SFC 2 times, La Natsu Bell also did not give up the listing.

It was not until May of this year that La Natsu Bell's name appeared again in the list of IPO pre disclosure enterprises. In June, 20 La Natsu Bell passed through the first time, and at this point La Natsu Bell IPO's road went through a long 6 years.

VC/PE received high returns

Since the establishment of the company, La Natsu Bell has completed a number of rounds of financing, including VC/PE, including Junlian capital and broad street Bohua (formerly known as "Beijing Goldman Sachs investment center (limited partnership")) and Kun hang investment.

The following are the holdings of the top ten shareholders of the company as of the date of signing the prospectus:

Among them, the first investment in La Natsu Bell Jun Lian capital has now been completely withdrawn, and currently ranked third shareholders of the first phase of Bo Xin has invested in La Natsu Bell in 2009, has also achieved partial withdrawal in 2013, withdrew nearly 30 times earnings.

In May 2013, broad street Bohua (Goldman Sachs) invested 300 million yuan to increase capital La Natsu Bell. After the listing of A shares, except for Goldman Sachs, the return of early entry and the high return rate of Shanghai will also increase correspondingly.

As of December 31, 2016, La Natsu Bell apparel Limited by Share Ltd has 16 wholly-owned subsidiaries, 11 holding subsidiaries and 6 subsidiaries.

The head office and its subsidiaries have 1501 branches, which are mainly used to lease stores in various places and conduct the operation of exclusive stores.

From the prospectus's profit statement, we can see that in the year ---2016 of 2014, La Natsu Bell achieved operating income of 6 billion 209 million yuan, 7 billion 439 million yuan and 8 billion 551 million yuan respectively.

Unlike many fashion brands, the rate of new stores has been increasing every year. By the end of 2011, the number of retail outlets in La Natsu Bell was 1841, but it jumped to 7147 in June 2015, and such expansion did not slow down.

La Natsu Bell plans to raise funds for two purposes: first, La Natsu Bell will invest 1 billion 550 million yuan in the development of the retail network, and plans to open about 3000 retail outlets in the next three years, including 2094 new outlets and 906 new direct outlets. Two, it will invest 84 million yuan in the new retail information system project to improve the efficiency of network management.

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Shared economy, new retail, Internet glasses, cross border investment

La Natsu Bell has made rapid growth in profits in the past 3 years, but the recent negative news in the clothing industry continues to be affected by the weakening of consumption and the impact of the electricity supplier.

Most garment companies have begun to pform, or increase the pace of domestic and foreign brand acquisitions, thereby passing the adjustment period of the industry.

La Natsu Bell is no exception. Over the past year, capital movements have become increasingly frequent. They have gradually diversified from the investment clothing field, and have invested in many fields across the border.

At present, La Natsu Bell's clothing brands, including OTR, OTHERMIX, Siastella, Tanni, Maria Luisa, NN, Mum Meet Me, Kin and sardni, are classified through external holding or participation, including public entertainment, designer brand, high-end men's and women's wear, parent-child dress and so on.

In 2016, La Natsu Bell also invested in TNPIHK Co, Limited, and obtained franchise in South Korea, China and Hongkong to run and manage the coffee shop under Segafredo brand, and tried to create a life circle through the concept store.

At the beginning of this year, La Natsu Bell also shared the economic field of distribution and spent tens of millions of Yuan investing in the sharing of renting clothes platform "multi garment dream" -- a female clothing rental business platform, which is also a test of water under the new business mode of La Natsu Bell.

In addition, lassia spent 15 million of its investment in the Internet eyewear brand INMIX in April this year. At present, the brand has been listed on the new three boards. Previously, INMIX glasses have been invested by IDG, Jun Lian capital, CITIC stone and sub business capital.

Conclusion

With the wave of clothing brands coming in waves, this year, the local garment industry ushered in the golden age of using capital market to expand territory.

According to incomplete statistics of public data, as of September 25, 2017, there were 106 local clothing enterprises listed in Shanghai and Shenzhen two cities and listed in Hong Kong, including Jiangnan Buyi, Taiping bird and Semir.

At present, the number of female consumer groups in China has reached 480 million, and this group of consumers has more income and more opportunities.

Around the female consumer group, "her economy" consumption industry covers a wide range, the market capacity is at least more than 5 trillion yuan, and the clothing industry is also expected to become the future consumer industry continues to grow the draught.

More interesting reports, please pay attention to the world clothing shoes and hats net.