Prada upbeat about HK IPO
Source: Agencies |
June 13, 2011, Monday
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Print Edition
Print Edition
PRADA and its bankers said recent turmoil in world stock markets won't weaken the Italian fashion house's upcoming Hong Kong IPO, as executives yesterday continued an international roadshow to promote the expansion into Asian markets.
Prada and Goldman Sachs executives said they think individual investors in Hong Kong will be enthusiastic when the initial public offering begins this week.
Prada is selling some 423.3 million shares - equivalent to a 16.5 percent stake - making it the first Italian company to go public in Hong Kong. The fashion house is raising HK$15.4 billion to HK$20.3 billion (US$2 billion to US$2.6 billion) by selling shares at HK$36.50 to HK$48, pricing that analysts say is on the steep side. The shares will be priced on Friday and start trading June 24.
However, sliding stock markets around the globe may make it hard for listings to reach their maximum valuations. Luggage maker Samsonite International SA, which is also listing on Hong Kong's stock market this month, priced its shares last week at the lower end of the proposed range, indicating waning investor interest amid sliding stock markets. Fears the global economic recovery has stalled have driven investors out of the market and sent stocks around the world lower.
"Despite recent market turmoil, the Prada team is very optimistic," said Mary Koo, an executive director in Goldman Sachs' consumer retail division. Goldman is one of the investment banks working on the IPO.
Prada and Goldman Sachs executives said they think individual investors in Hong Kong will be enthusiastic when the initial public offering begins this week.
Prada is selling some 423.3 million shares - equivalent to a 16.5 percent stake - making it the first Italian company to go public in Hong Kong. The fashion house is raising HK$15.4 billion to HK$20.3 billion (US$2 billion to US$2.6 billion) by selling shares at HK$36.50 to HK$48, pricing that analysts say is on the steep side. The shares will be priced on Friday and start trading June 24.
However, sliding stock markets around the globe may make it hard for listings to reach their maximum valuations. Luggage maker Samsonite International SA, which is also listing on Hong Kong's stock market this month, priced its shares last week at the lower end of the proposed range, indicating waning investor interest amid sliding stock markets. Fears the global economic recovery has stalled have driven investors out of the market and sent stocks around the world lower.
"Despite recent market turmoil, the Prada team is very optimistic," said Mary Koo, an executive director in Goldman Sachs' consumer retail division. Goldman is one of the investment banks working on the IPO.
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