Makeup Artist Mao Geping Close To Billionaire Ahead Of Hong Kong IPO [Forbes]
Estee Lauder Companies, Inc. (The) (EL)
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Source: Forbes
Han Haidan/China News Service via Getty Images Mao Geping, the Chinese makeup artist who established an eponymous cosmetics brand more than 20 years ago, is on the cusp of becoming a billionaire as his company prepares for a Hong Kong initial public offering that could value it at up to $1.8 billion. The 60-year-old chairman of the company has amassed wealth of $830 million mostly based on a family stake in Mao Geping Cosmetics Co., according to Forbes estimates. Headquartered in the scenic city of Hangzhou, the company is trying to raise up to $270 million by selling 70.6 million shares in a range of HK$26.3 ($3.40) to HK$29.8 apiece, according to its prospectus. At the higher end, HK$29.8, the company would have a market capitalization of $1.8 billion. Mao Geping Cosmetics will use the proceeds for branding, boosting its sales network and overseas expansion, the prospectus says. Six cornerstone investors including private equity firms CPE Investment and Loyal Valley Capital
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