Prada SpA to perform an IPO on Hong Kong stock exchange according to sources
According to business news network Bloomberg, Prada SpA, the Italian producer of Miu Miu bags and Church’s shoes, has won approval from Hong Kong’s stock exchange for a $2 billion initial public offering, according to two unnamed sources.
According to the unnamed sources who have requested not to be identified due to the privacy of the information, Prada have set June 24 as a tentative listing date.
Prada isn’t the only Luxury Brand to view Hong Kong as an opportunity, both Jimmy Choo and Coach are looking into the possibility of a stock sale. In 2010 the French cosmetics brand L’Occitane’s performed an IPO that raised $708 million. The L’Occitane shares sold as high as $15.08, the top end of the analysts range.
According to the Wall Street Journal, 2010 saw Hong Kong market become the biggest IPO market with $57.7 billion raised i 87 listings. This was in contrast to Europe, and in particular London that raised $11 Billion, and the New York Stock Exchange that raised $39.1 Billion.