Italian luxury brand Prada’s debut on the Hong Kong stock exchange on Friday defied expectations with shares trading above its listing price.
The brand’s shares closed at 39.60 Hong Kong dollars (£3.19) above its listing price of 39.50 HK dollars (£3.18). During the morning trading session Prada shares were trading as high as 40 HK dollars (£3.22).
Expectations for Prada’s IPO had been subdued as Hong Kong’s stock market was weighed down by concerns about the economic situation in Greece and continuing weakness in America. Retail demand for the listing was weak and shares were priced at the lower end of the range.
Prada’s chief executive officer Patrizio Bertelli said: “This is the first Italian and the first luxury company to list in Hong Kong. We see it as a landmark. China will be one of the most important countries for luxury worldwide and other companies will follow in our footsteps.”