HONG KONG: Prada shares slightly higher in HK trading debut

HONG KONG – Shares of Italian fashion house Prada SpA have risen slightly in their debut on the Hong Kong stock exchange.

Prada shares were at $39.55 early Friday, five cents higher than the offer price. They gained as much as 50 cents, or 1 percent, to HK$40 in the first hour of trading.

Milan-based Prada sold 423.3 million shares, or a 16.5 percent stake, to raise HK$16.7 billion ($2.1 billion), in its initial public offering.

It's the latest in a string of foreign companies going public in Hong Kong in hopes of cashing in on China's booming economy. It's also aiming to raise awareness of its brand among China's growing number of wealthy consumers.


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Added: June 24, 2011 Source: money watch
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