Prada Said to Raise HK$16.7 Billion in IPO

Prada SpA raised HK$16.7 billion ($2.14 billion) in its initial public offering, following Samsonite International SA as the second foreign issuer in a week to scale back its Hong Kong fundraising plans.

The Milan-based luxury goods retailer priced 423.3 million shares at HK$39.50 each, below the middle of the marketed range, according to two people familiar with the matter. The sale values Prada at about 9 billion euro ($12.8 billion), or 23 times 2011 earnings, said one of the people, who asked not to be identified because the details aren’t public.

Prada had sought to sell the shares at HK$36.50 to HK$48, according to the IPO prospectus. The company yesterday narrowed the range to HK$39.50 to HK$42.25 after getting orders for just half of the stock offered to retail investors, two people with knowledge of the matter said.

Like Prada, Samsonite narrowed the price range marketed to investors, and priced its IPO at the bottom of the narrowed range. The Mansfield, Massachusetts-based luggage maker yesterday dropped 7.7 percent in its first day of trading from its initial public offering price of HK$14.50. The benchmark Hang Seng Index fell 1.8 percent.

Diana Footitt, an outside spokeswoman for Prada in Hong Kong, declined to comment. www.bloomberg.com

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