Prada shares edge up in Hong Kong debut

June 24 - Shares in Italian luxury fashion house Prada opened up 0.25 percent on its trading debut in Hong Kong Friday, amid waning investor interest in IPOs and choppy global markets.

Prada
Brochures of PRADA S.p.A., are displayed during a tele-conference in Hong Kong (Photo:Corbis)

The family-owned firm's stock opened at HK$39.60 ($5.08), up slightly from their offering price of HK$39.50. The highly anticipated IPO has raised a lower-than-expected $2.14 billion after floating 20 percent of Prada's shares.

Hong Kong's benchmark Hang Seng index opened 0.39 percent higher Friday.

The Milan-based fashion house, which includes the Prada, Miu Miu, Church's and Car Shoe brands, is the latest high-end fashion brand to tap the huge Chinese market, the world's fastest-growing market for luxury goods.

Analysts have said the weaker-than-expected demand was due to concerns that Prada's stock is overpriced and a tax hurdle that could shrink investors' profits.

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