06 Jun '11, 7am

Prada to raise up to US$2.6 billion in Hong Kong IPO - AsiaOne

Prada to raise up to US$2.6 billion in Hong Kong IPO - AsiaOne

HONG KONG - Italian luxury fashion house Prada is set to raise as much as $2.6 billion (S$3.1 billion) after setting the price range for its highly anticipated offering in Hong Kong on June 24, a report aid Monday. The Milan-based company plans to sell 423.28 million shares at an indicative price range of HK$36.50-HK$48.0 (S$5.78-S$7.63) each, Dow Jones Newswires reported, quoting an unnamed source familiar with the deal. The IPO would raise US$2 billion (S$2.4 billion) to US$2.6 billion (S$3.1 billion) based on the range. The firm has an option to sell an additional 63.49 million shares if the shares are oversubscribed, according to Dow Jones. Prada's spokeswoman in Hong Kong could not be reached for comment by AFP. The company set its IPO price range as it began meeting with Asian investors and started bookbuilding for institutional investors Monday to gauge their appeti...

Full article: http://www.asiaone.com/News/Latest%2BNews/Business/Story/...

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