Prada's Stock Performs Well on Hong Kong Stock Market Launch
Prada's stock debuted on the Hong Kong
exchange on Friday.
The stock ended the day at
39.6 Hong Kong dollars per share ($5.08 U.S.), which was pretty much flat
from the opening. The performance of the new fashion
stock is actually better than what
analysts were projecting, due to the
grim global economic news which has
been a drag on the Hang Seng
Hong Kong stock exchange. The
offering was five times oversubscribed
which isn't is as great as it sounds.
L'Occitane was 159 times
oversubscribed when it debuted.
Prada is currently trading
at a premium; its PE Ratio
(Price to Earnings Ratio)
is 23. Overall, it's a fairly promising debut for the Italian fashion brand's IPO.
CNN's Ramy Inocencio reports:
