PRADA evaluated at 10,7 billion euros ahead of its Hong Kong IPO

According to sources close to Italian banking group Imi Intesa San Paolo, which own 5,11% of Prada Group, the Italian luxury group is said to be evaluated at 10,7 billion euros for its upcoming June 23rd IPO on the Hong Kong Stock Exchange. The estimated value is 21 times bigger than the group’s profit which was 503 million euros in 2010. Imi Intesa San Paolo is said to be considering the sale of 2 to 4% of its shares upon the Hong Kong IPO. Miuccia Prada and her husband Patrizio Bertelli own the majority stake of 95% of the group.