HONG KONG — Prada SpA said Monday that it has exercised an overallotment option for its initial public offering, raising more than 2.5 million Hong Kong dollars, or $321.3 million at current exchange rates.
This story first appeared in the July 5, 2011 issue of WWD. Subscribe Today.
The Italian fashion house sold another 63.5 million shares at 39.5 Hong Kong dollars, or $5.07, each. The overallotment lowers the controlling shareholder Prada Holding BV’s stake in the company to 80 percent, down from 82.5 percent.
Prada shares priced at the lower end of the indicative range last month, raising $2.14 billion. Shares have risen more than 15 percent since the company made its debut on the Hong Kong stock exchange June 24, recently closing at 44.9 Hong Kong dollars, or $5.77.