HONG KONG: Italian fashion house Prada said joint book-runners for its Hong Kong listing had exercised an over-allotment option bringing more shares to the market and raising an additional HK$2.5 billion.
Prada is up 18.5 percent since its June 24 trading debut and has significantly outperformed the broader market's 1 percent gain over the same period, underscoring strong demand for shares of luxury brands expanding in China.
The over-allotment will bring the controlling shareholder Prada Holding BV's ownership in the company down to 80 percent from 82.5 percent.
The maker of luxury bags and Miu Miu dresses raised $2.14 billion in the initial public offering (IPO) after pricing it at the bottom of a revised indicative range.
Prada's listing was organised by Goldman Sachs, Credit Agricole's CLSA brokerage and Italian banks UniCredit SpA and Intesa Sanpaolo's Banca IMI unit, which are both represented on Prada's board.
COPYRIGHT REUTERS, 2011
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