Samsonite International has raised $1.25 billion in a Hong Kong initial public offering (IPO), Financial Times reports. The U.S. luggage maker’s share sale will allow its two existing shareholders CVC Capital Partners and the Royal Bank of Scotland (RBS) to sell down their shares.

Following the share sale, CVC’s share will drop to 29.9% from 54.3% and RBS’s will come down to 15% from 29.9%. Goldman Sachs, HSBC and Morgan Stanley were appointed as the managers for the listing, while RBS and UBS served as joint bookrunners.

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