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financial

Prada Denies IPO Date Set

Prada SpA denied a newspaper report Thursday that it had set a date for its proposed initial public offering.

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MILAN – Prada SpA denied a newspaper report Thursday that it had set a date for its proposed initial public offering.

The Wall Street Journal said the luxury goods group was scheduled to list on the Milan Stock Exchange in the second half of June, citing a person familiar with the deal.

But a Prada spokesman rebuffed that suggestion.

“We haven’t fixed any date for the IPO,” the spokesman said. “Work has begun with our advisers and global coordinators. A decision will be taken in due course.”

The company, which owns the Prada, Miu Miu, Car Shoe and Church brands, said in December that it planned to float in 2008, subject to market conditions, and named as its banks Italy’s Intesa Sanpaolo SpA and UniCredit SpA and Goldman Sachs & Co. Some 30 to 40 percent of the group is expected to go public.

The deal would value Prada at 4 billion to 5 billion euros, or $5.91 billion to $7.39 billion at current exchange.


For complete coverage, see Friday’s WWD.
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