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Reuters
Published
Jun 23, 2011
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Prada says prices HK IPO at HK$39.50 apiece

By
Reuters
Published
Jun 23, 2011

June 22 - Italian fashion house Prada SpA said on Thursday it priced its Hong Kong initial public offering at HK$39.50 apiece, confirming a Reuters report last week that it would price shares at the lower end range.

Prada
Brochures of PRADA S.p.A., are displayed during a tele-conference in Hong Kong, China, 12 June 2011 (Photo: Corbis)

In a filing to the Hong Kong bourse, the maker of luxury bags and Miu Miu dresses said it and shareholders Prada Holding BV and Intesa Sanpaolo sold 423.3 million shares in the offering, raising HK$16.72 billion ($2.14 billion).

The company said the shares offered under the Hong Kong public offering were under-subscribed while shares offered under the international placing had been moderately over-subscribed.

Trading in the shares will begin on Friday.

Prada, known for its leather handbags and colorful dresses, filed to sell shares at HK$36.5 to HK$48 each before narrowing the range to between HK$39.50 and HK$42.25 a share, according to sources.

Prada floated at the low end of its latest target price range, raising $2.1 billion as investors baulked at its rich valuation while global markets are weak.

(Reporting by Donny Kwok; Editing by Jacqueline Wong)

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