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Prada makes flat debut after $2.14bn IPO

Hong Kong, June 24, 2011

Shares of Italian fashion house Prada, known for its leather handbags and colorful dresses, made a flat trading debut on Friday, defying expectations of a weak start.

Prada shares opened at HK$39.50 each, the same level at which the company priced its $2.14 billion initial public offering, which was at the bottom of a revised indicative range.

Prada had originally set an indicative price range of HK$36.50 HK$48 per share, before narrowing it to between HK$39.50 and HK$42.25 each last Thursday.

The weak debut follows the 7.7 percent first-day plunge for luggage maker Samsonite International SA last week as investors fretted over high valuations for Hong Kong listings and volatility in global markets. Samsonite has since recovered, ending Thursday at HK$14.50, matching its IPO price.

Prada and shareholders Prada Holding BV and Intesa Sanpaolo SpA sold 423.3 million shares in the offering, raising HK$16.72 billion ($2.14 billion).-Reuters




Tags: prada | fashion house |

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