Prada seeks $1 billion valuation on Milan stock exchange

Italian luxury group Prada (OTC:PRDSY) SpA is considering raising at least $1 billion from a second IPO in Milan and is working with Goldman Sachs Group Inc (NYSE:GS) for early preparations, Bloomberg News reported on Friday.

Prada seeks $1 billion valuation on Milan stock exchange. The company is considering raising funds by selling new shares in Milan and the offering is likely to take place next year, the report said, citing people familiar with the matter. A dual listing in Europe would help the Hong Kong-listed luxury group broaden its investor base, as some funds can only invest in European or US shares. Prada's Chairman Paolo Zannoni said last month that a secondary listing in Milan was a possibility but not a priority for Prada, adding that no decision had been taken on the matter. Co-CEO Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, are unlikely to reduce their stake in any deal, the report said. They have an 80% stake in the company. Prada and her advisors are working through the complexities of the first Hong Kong-Milano dual listing and no final decisions have been made on timing or size, the report said.