Apparel and homewares sourcing firm Linmark (HK) Ltd on Thursday revealed its initial public offering of 140.4 million shares was subscribed 144.6 times and its share placement was 20.1 times subscribed.

The Hong Kong-based company said offered the shares at HK$1.68 per share, raising net proceeds of HK$188.8 million. The money will be used to continue building its web-based order tracking system, and add new offices in Shenzhen and Bombay.

Wholly-owned by Singapore firm Roly International Holdings Ltd Linmark employs 650 staff. It provides a sourcing service for retail clients such as Calvin Klein and Ralph Lauren, charging a commission of 3.5-7 per cent for connecting brands to garment manufacturers in Asia and elsewhere.

Around 60 per cent of its customers are from North America, 30 per cent from Asia and Australia, and the other 10 per cent from Europe. For the year to 30 April 2001, Linmark had net profits of US$12.9m.