HONG KONG—Italian fashion house Prada SpA received regulatory approval Thursday for its plan to launch an initial public offering that could raise as much as $2 billion ahead of a Hong Kong listing in June, a person familiar with the situation said Friday.
The company aims to begin bookbuilding for institutional investors in the second week of June, the person said.
Prada is planning to sell a 20% stake in the family-run company during the IPO.
Once the 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.
Prada said in January its board hired Goldman Saches Group Inc.,Intesa Sanpaolo unit Banca Imi, Unicredit SpA and Crédit Agricole SA to handle the deal.
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