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Prada boss remains optimistic in spite of Hong Kong stock market performance Friday, 24th June 2011Shares in the prestigious fashion house rose 1.2 percent to HK$40 in the first hour of trading but, by mid-afternoon, stock was trading at HK$39.95, five cents higher than the offer price.
Louise Cooper of brokerage BGC Partners said: "A 0.1 percent gain on the first day of trading is not an impressive debut even given wobbly markets - and especially given that the stock was already priced at the low end of the range."
14 percent of the £1.3bn float is new shares, raising £170m to be used to invest. Prada sold 423.3m shares, or a 16.5 percent stake, to raise HK$16.7bn
Despite these slightly underwhelming figures, Prada chief executive Patrizio Bertelli was optimistic at the listing ceremony. "The very early trades seem to confirm the pricing was right. Signs are very good," he said.