Hong Kong-based LeRoi Holdings, the designer and distributor of women's apparel, plans to raise HK$28.4 million from an initial public offering on 7 November 2002.

HK$20 million of this money will be used to develop LeRoi's sales and distribution network on the mainland, as well as research and development. The rest will go towards new product development and general working capital.

Around 30 per cent of the total shares issued for the listing will come from the sole substantial shareholder of the company, chairman and managing director Michael So.

The company recorded a profit of HK$27.06 million for the year ended 31 March this year.