22 Aug 2022
As reported by Bloomberg, Prada is working with Goldman Sachs preparing the ground for a second listing in Milan and aims to raise around one billion US dollars.
The Italian fashion house is already traded on the Hang Seng in Hong Kong since 2011 and on that occasion raised $2.1 billion by offering a 20% stake of the company in an IPO.
This time Prada is looking to diversify its investor base away from Hong Kong, which has been an important market for the company for more than a decade.
With a market value of more than $14 billion, 80% of the company is held by CEO Miuccia Prada and her husband, Italian businessman Patrizio Bertelli. Quoting unidentified sources, Bloomberg reported that this stake would not be on offer as the aim was to raise the capital selling new shares.
If the planned operation goes ahead sometime next year, it will be the first Hong Kong-Milan dual listing.