Money Never Sleeps

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Prada Gets Regulator OK For Up To US$2 Billion Hong Kong IPO - Source

Italian fashion house Prada SpA received regulatory approval Thursday for its plan to launch an initial public offering that could raise as much as US$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 Sachs Group Inc., Intesa Sanpaolo unit Banca Imi, Unicredit SpA andCrédit Agricole SA to handle the deal.

-By Prudence Ho, Dow Jones Newswires; 852-2802-7002; [e-mail]