MILAN — Prada SpA seems to be on track for an initial public offering by July.

This story first appeared in the April 1, 2011 issue of WWD. Subscribe Today.

The luxury goods brand had earlier indicated it wanted to list its shares on the Hong Kong Stock Exchange, and analysts believed it would be in the first half in an IPO that could value the company at up to $9.5 billion. According to sources, the Italian luxury goods house has filed documents with the Hong Kong exchange with the goal of listing a 20 percent stake. A Prada spokesman declined to comment Thursday.

According to a source, as per the Hong Kong listing authorities, Prada must avoid any communication to the media until it gets the green light for the IPO. Another source said the time frame between the deposit of the documents with and the approval from the Hong Kong Exchange is 60 days. This would be followed by two or three weeks of marketing, and then the official listing, meaning Prada would have had to file this week if it wanted to float by the end of June.

Timing for a listing couldn’t be better, in light of Prada’s record profits and sales in 2010, released Monday, and despite the stumbles of global stock markets following the earthquake and tsunami in Japan. Prada said net profit in the year ended Jan. 31 totaled 250.8 million euros, or $336 million at current exchange, a 150.4 percent surge. Revenues totaled 2.05 billion euros, or $2.75 billion, up 31.1 percent compared with the year before.

Banca IMI-Intesa Sanpaolo Group, UniCredit, CLSA-Crédit Agricole Group and Goldman Sachs were tapped as joint global coordinators and joint book runners on the IPO. Bonelli Erede Pappalardo; Slaughter and May, and Davis Polk & Wardwell will be the firm’s legal advisers.

Intesa owns 5 percent of the company, with Miuccia Prada and her husband and chief executive officer Patrizio Bertelli controlling the majority 95 percent stake through Amsterdam-based Prada Holding B.V.

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