Prada gets approval for $2B Hong Kong IPO
HONG KONG — Italian fashion house Prada received regulatory approval Thursday for its plan to launch an initial public offering (IPO) that could raise as much as $2 billion ahead of a Hong Kong listing in June, The Wall Street Journal reported Friday, citing a person familiar with the situation.
Prada was planning to sell a 20 percent stake in the family-run company during the IPO.
Once an application is approved, the next steps typically involve informal meetings to gauge potential interest, followed by formal pitches to investors and a listing, all of which are usually completed within a six-week period.
The company aims to begin bookbuilding for institutional investors — a process during which the final price is set — in the second week of June, the person said.
Prada said in January that its board hired Goldman Sachs Group, Intesa Sanpaolo unit Banca Imi, Unicredit and Credit Agricole to handle the deal.