Chinese Zara Rival Urban Revivo Is Said to Weigh Hong Kong IPO

Dong Cao, Pei Li and Julia Fioretti, Bloomberg News

(Bloomberg) -- Urban Revivo Fashion is considering an initial public offering in Hong Kong, people familiar with the situation said, possibly injecting some life into the city’s market after the slowest start to a year for listings since 2008.

The Guangzhou-based company is working with advisers on a potential share sale to raise at least $100 million, according to the people, who asked not to be identified discussing a private matter.

Deliberations are preliminary and Urban Revivo may decide not to list, the people said. A representative for Urban Revivo didn’t immediately respond to a request for comment.

More: Will HK Regain Number One Spot as IPO Destination? (Video)

Formed in 2006, Urban Revivo has more than 400 stores in China, according to a June press release. The company, which launched its Benlai range in 2022, also sells to customers online and aims to rival established brands such as Hennes & Mauritz AB and Inditex SA’s Zara.

Urban Revivo also has outlets in Singapore, Thailand and the Philippines.

IPO capital raised in Hong Kong totaled $1.5 billion over Jan. 1 to June 18, the lowest amount since the global financial crisis, as depressed stock valuations delayed listing plans, Bloomberg Intelligence analysts Sharnie Wong and Lucy Wang wrote in a note last week.

--With assistance from Daniela Wei.