Xtep, Carlyle-Invested, May Raise $388 Million IPO, People Say

 Xtep International Holdings Ltd., a Chinese sportswear company 10 percent owned by Carlyle Group, may raise HK$3.03 billion ($388 million) from a Hong Kong initial public offering, said two people familiar with the plan.

The maker and distributor of athletic shoes and clothing based in the eastern Chinese city of Quanzhou plans to sell 550 million shares, a 25 percent stake, at HK$4.05 to HK$5.50 each, said the people, who asked not to be identified because the information hasn't been publicly announced. It may expand the sale by another 82.5 million shares.

The range values the company at 17 times to 23 times its profit as estimated by investment banks involved in the sale, said the people.

JPMorgan Chase & Co. and UBS AG are managing the sale.

Ho Yui Pok, chief financial officer and investor officer for Xtep, couldn't immediately be reached. Marie Cheung, a Hong Kong- based spokeswoman for JPMorgan, and Chris Cockerill, a UBS 1368@spokesman in Hong Kong, declined to comment.