Prada in the lower limit of HK $ 39.5 pricing raise funds to shrink to 16.7 billion

According to Hong Kong’s Ming Pao reported, only the first landing HKEx Italian luxury brand Prada (1913) is no match for the market turmoil, the final decision to the prospectus interval lower limit of 39.5 yuan (HK $, the same below) pricing, raising shrink to 167 billion .

The pricing equivalent to nearly 23 times forecast earnings this year, still higher than the others in the industry outside of Hermes, while its market capitalization of more than 100 billion Hong Kong dollars, in one fell swoop than the London-listed Burberry, Miuccia Prada and Patrizio Bertelli, the head of his wife, including Prada The family will be able to 10.35 billion yuan cash.

Public Offering only won half of the subscription Prada news yesterday morning to finalize the pricing is in the lower limit of the initial prospectus interval of 39.5 yuan. Prada IPO price of the original range of 36.5 yuan per share to $ 48 after once narrowed to $ 39.5 to $ 42.25. Brewing since last listing in Hong Kong, once enthusiastic fans make it the preliminary pricing as too high, the unexpectedly high price of the ceiling the contrary, a blow to market sentiment, the final public subscription without setting in full.

Priced at 39.5 yuan per share

Prada pricing is equivalent to 22.8 times 2011 forecast earnings, although with the top brands Hermes, 40.3 times, still not a small gap, but has Burberry, and LVMH all thrown behind him. However, because of the Prada brand number and size of less than LVMH, Richemont and PPR, it is on the market value is not dominant only in still Burberry and Tod’s before.

Excluding the over-allotment option, Prada, this time issued a total of approximately 423 million shares, of which 86% of the old shares, and 72% of the existing shares from the parent company held by the Prada family, the rest from the other shareholders of Italy of Intesa Sanpaolo, (Sao Paulo) The bank sold. According to the final price of 39.5 yuan, the parent company and the Bank of Sao Paulo, the respective cash 10.35 billion and 4.02 billion yuan. There are still 15% of the over-allotment option, all existing shares of the parent company, once exercised, the parent company more revenue to 2.51 billion yuan.

Prada family cash over a hundred billion

Prada will be held on the 24th of this month, listing, sponsor artificial Goldman Sachs and Lyon. Damaged by the the Prada prospectus reaction because investors tax issues, the Deputy Secretary of the Financial Services and the Treasury Julia Leung yesterday after attending the activities of the Hong Kong Society of Accountants, Hong Kong and many countries signed an agreement to avoid double taxation, and the Commissioner and Italy to start the discussions and will conduct the next round of discussions. She added that based on past experience, the dividend withholding tax rate generally can be reduced.

Asked market poor response to the well-known international brands such as Prada and new beauty [13.96 -1.13%] (1910) listed in Hong Kong recently, Julia responded that, mainly due to external market fluctuations, but I believe Hong Kong is still the international financial The advantage of the center, do not worry about temporary fluctuations will affect the overseas enterprises to list in Hong Kong’s desire to.