Prada to make Hong Kong debut on June 24

HONG KONG, May 23 (AFP): Italian luxury fashion house Prada will make its market debut on the Hong Kong stock exchange on June 24, in a highly anticipated offering aiming to raise up to $2 billion. In the latest move by high end fashion companies to tap the huge Chinese market, the family-owned giant plans to start bookbuilding for institutional investors on June 6 and start its public offering eight days later. The firm will price its deal on June 17, Dow Jones Newswires quoted a term sheet as saying, and it is planning to use proceeds to expand its sales network, increase floor space, repay bank loans and supplement working capital. Prada in Hong Kong could not be reached for immediate comment. The Milan-based group reportedly received the approval from Hong Kong's market regulators last week for its plan to sell 20 per cent of its shares. The move would value the group at up to eight billion euros ($11.3 billion).