In May 2007 Belle raised $1.1 billion in an IPO on the Hong Kong Stock Exchange. The offering was priced at the top of the range, at 31 times its estimated 2007 earnings, after retail investors ordered more than 500 times the shares initially earmarked for them.[7] According to the IPO prospectus, an investment company linked to Groupe Arnault, parent of French luxury goods group LVMH, purchased $30 million worth of shares as a strategic corporate investor.[4] Belle raised an additional $775 million in two secondary listings in November 2007 and April 2008, which it used to buy several competing brands.[2]