Prada seeks US$1b valuation in Milan listing

ITALIAN luxury group Prada is considering seeking at least US$1 billion from a second listing in Milan and is working with Goldman Sachs Group on early preparations, Bloomberg News reported on Friday(Aug 12).

The offering would likely take place next year with the company looking to raise funds by selling new shares in Milan, the report said, citing people familiar with the matter.

A dual listing in Europe would help the Hong Kong-listed luxury group widen its investor base as some funds can only put money into European or US stocks.

Prada’s Chairman Paolo Zannoni said last month a secondary listing in Milan is a possibility but not a priority for Prada, adding that no decision had been taken on the issue.

Co-chief executive officer Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, are unlikely to cut their stake in any deal, the report said. They have an 80 per cent stake in the company.

The report added that Prada and its advisers are working through the complexities of attempting the first Hong Kong-Milan dual listing and no final decisions on timing or size have been taken.

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Prada and Goldman Sachs did not immediately respond to requests for comment from Reuters. REUTERS