CRÉDIT AGRICOLE CIB AND CLSA ACTED FOR THE IPO OF PRADA S.p.A ON THE HKSE

Crédit Agricole Corporate and Investment Bank and CLSA have successfully executed the Initial Public Offering of Prada S.p.A. on the Main Board of Hong Kong Stock Exchange. The Crédit Agricole Group acted as Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager and Joint Sponsor.
Despite a depressed equity market environment, the offering priced on 17 June at HK$ 39.50 per share, raising a total of HK$ 16.7 billion (or EUR 1.5 billion, pre-Greenshoe), inclusive of HK$ 2.3 billion (or EUR 205 million) in net primary proceeds to the company.
The placement picked up momentum in Asia and attracted substantial interest from institutional investors all over the world and the transaction has been oversubscribed many times. Based on analyst estimates for 2011, the HK$ 39.50 per share valuation implies a 23x P/E ratio and a 13x Entreprise Value/EBITDA ratio.
The IPO of Prada S.p.A is a landmark transaction in the global Luxury sector as it was:
- the first ever of an Italian company on the Hong Kong Stock Exchange;
- the largest ever in the consumer sector on the Hong Kong Stock Exchange;
- the largest ever in the global Luxury sector;
- the largest IPO on the Hong Kong Stock Exchange in the year to date.
This achievement results from the intimate relationship built over more than a decade by Crédit Agricole CIB with Prada S.p.A. and its shareholders and CLSA’s premier position in the Asian equity markets.