1 billion IPO makes modest HK debut
Many other global brands are exploring options to list in Hong Kong and Prada's performance is critical in attracting such companies to the world's hottest IPO market."It may give an idea to other potential brands listing not to price issues too aggressively,[url=http://www.masterclass-detailing.co.uk/category/cheap-polo-shirts/]Cheap Polo Shirts[/url]," said Conita Hung,[url=http://www.masterclass-detailing.co.uk/category/ralph-lauren-polo-outlet/]Ralph Lauren Polo Outlet[/url], head of equity research of Delta Asia Financial."Consumers are willing to pay a very high premium chasing after brands, but it's not the case for investors. Investors are concerned about reasonable valuation and pricing."Prada shares closed 0.3 percent higher at HK$39.60 on Friday, after trading as high as HK$40 earlier in the session.The maker of luxury bags and Miu Miu dresses priced its $2.14 billion initial public offering at HK$39.50 a share,[url=http://www.article-web.co.uk/category/hermes-online-sale/]Hermes Online sale[/url], the bottom of a revised indicative range.Some of the demand for Prada shares on Friday came from fund managers who didn't participate in the IPO,[url=http://www.article-web.co.uk/category/hermes-wallet/]Hermes Wallet[/url], also helping lift the stock.Samsonite had demand worth 1.23 times the volume of shares on offer.'NEW WAVE'The move by consumer focused companies such as Prada to list in Hong Kong is part of a trend to raise brand awareness in China, the world's fastest growing luxury market."We're opening a new wave for the luxury goods sector," Chief Executive Patrizio Bertelli said at a ceremony at the Hong Kong stock exchange."We're positive that the greater China region is going to be one of the most interesting prospects in the luxury industry,[url=http://www.article-web.co.uk/category/discount-hermes-bags/]Discount Hermes Bags[/url]," Bertelli said, adding that the first listing of an Italian company was "a landmark" for the exchange.Prada had originally set an indicative price range of HK$36.50 to HK$48 per share,[url=http://www.masterclass-detailing.co.uk/category/ralph-lauren-polo/]Ralph Lauren Polo[/url], before narrowing it to between HK$39.50 and HK$42.25 each last Thursday.In a statement on Friday,[url=http://www.article-web.co.uk/category/hermes-handbags/]Hermes Handbags[/url], Intesa said its net income will be boosted by 255 million euros ($365.3 million) from the Prada stake stale. The bank slashed its stake in Prada to 1 percent from 5 percent.In Italy, luxury leather goods maker Salvatore Ferragamo SpA priced its Milan initial public offering on Thursday at 9 euros a share.Prada,[url=http://www.article-web.co.uk/category/hermes-belts/]Hermes Belts[/url], set up in 1913 by Mario Prada as a business selling leather bags, trunks and silverware to the European elite,[url=http://www.article-web.co.uk/category/hermes-birkin-bag/]Hermes Birkin Bag[/url], has become a global fashion empire,[url=http://www.masterclass-detailing.co.uk/category/polo-outlet/]Polo Outlet[/url], with 319 directly operated stores, a third of which are in Asia Pacific.The company received tepid demand from retail investors for its IPO as potential buyers were put off by having to pay Italian capital gains tax.That, coupled with choppy equity markets, had led Prada shares to fall in grey market trading. Phillip Securities Group said in a report on Thursday night that the stock had fallen 2.9 percent to HK$38.35, pointing to a weak start on Friday.At the revised guidance, Prada would trade at a price to earnings ratio of 22.8 24.4 times, more in line with global rivals. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

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