China Xiniya Fashion, a Chinese designer and manufacturer of men's business casual apparel & accessories, raised $88 million by offering 8 million ADSs at $11, the high end of its proposed $9-$11 range. The Jinjiang-based company, which generated $123 million in sales and a 33% operating margin over the past twelve months, plans to use the proceeds for expansion of its manufacturing capacity and marketing efforts. China Xiniya Fashion plans to list on the NYSE under the symbol XNY on Tuesday and carries a market valuation of $638 million at the IPO price. Cowen & Company acted as the lead underwriter on the offering.
