Prada’s efforts to woo retail investors to its planned US$2.6bn initial public offering in Hong Kong have met resistance, with some potential buyers put off by the prospect of having to pay Italian capital gains tax and dividend withholding tax.
The IPO is still on track because at least 90 per cent of the shares will be allotted to institutional investors, and the offer is more than four times subscribed, two people familiar with the matter said.
However, Hong Kong’s retail investment community has been wary – a factor that might put pressure on Friday’s pricing of the deal and discourage other Italian companies from listing on the Hong Kong exchange until the tax issue is resolved.
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