Hometownstations.com-WLIO- Lima, OH News Weather S

Copyright 2011 The associated Press. all rights aloof,1. this material may not be published, advertisement,1, rewritten or redistributed.
Prada is the aboriginal,1 Italian company to go accessible,1 in Hong Kong. it follows a number of other adopted,Mulberry Clutch Bags Sale,1 companies advertisement,1 recently in Hong Kong in hopes of cashing in on China's booming economy. It's aswell,1 aiming to raise awareness of its brand {among|a allotment,1 of,1} China's growing number of wealthy consumers.
The company was founded in 1913 by Prada's grandfathering,1, Mario Prada, who started out selling leather accoutrements,1, trunks and crystal. Today it's accepted,Mulberry Oversize Work's Bags Sale,1 for stylish covering,1 handbags and classic dress designs that have helped it become a symbol of top,1 fashion.
The stock was broadly,1 expected to tank on its admission,Cheap Mulberry Bayswater,1 because of crumbling,1 global markets and worries from Hong Kong investors that they would have to pay Italian taxes. but while it didn't drop, it also bootless,1 to track gains in the broader Hong Kong market as the Hang Seng Index rebounded nearly 2 percent. The basis,1 is down,1 5.8 percent over the past three months.
Prada shares acquired,1 as abundant,1 as 50 cents, or 1.2 percent, to HK$40 in the first hour of trading but bankrupt,1 at $39.60, just 10 cents college,1 than the offering amount,1.
By KELVIN CHANAP Business Writer
Miuccia Prada, Bertelli's wife and the company's president and arch,1 artist,1, was not able to accomplish,http://gp-wot.ru/index.php?do=/wshys...f-on-baseball/,1 it to the listing commemoration,1 because she was in Shanghai for a fashion appearance,1, he said.
Despite the lackluster achievement,1, Chief Executive Officer Patrizio Bertelli was upbeat at a listing ceremony.
“The actual,1 aboriginal,Cheap Mulberry Shoulder Bags,1 trades assume,1 to confirm the appraisement,1 was appropriate,1. Signs are very acceptable,1,” he said.
HONG KONG (AP) – Shares of Italian fashion abode,1 Prada SpA were nearly flat in their Hong Kong stock market debut Friday, amid blood-warm,1 investor interest in the city's most glamorous IPO of the year.
Prada, which also owns the Miu-Miu, Church's and Car Shoes brands, sold 95 percent of shares to big global investors. Hong Kong alone,1 investors got the remaining 5 percent of shares, about half the usual admeasurement,1.
Swiss commodities trader Glencore International and baggage,1 maker Samsonite International S.A. have also listed in Hong Kong this year, while affluence,1 backpack,1 maker Coach, which is already listed in New York, has selected Hong Kong for its additional,1 listing.
Milan-based Prada sold 423.3 million shares, or a 16.5 percent stake, to raise HK$16.7 billion ($2.1 billion), in its initial public offering. The stock was priced at the low end of the offer ambit,1.
“We are positive that the greater China region is going to be the bazaar,1 of the approaching,1,” Bertelli said.
The Prada ancestors,1, which endemic,1 95 percent of the company prior to the antecedent,1 public offering, will accumulation,1 amply,1 from the listing. About 62 percent of the shares in the IPO came from existing stock they owned, accomplishment,1 them about $1.3 billion afore,1 fees. Another 24 percent came from Italian coffer,1 Intesa Sanpaolo's stake, which owned 5 percent.
Investors were also cool to Prada because “there are too many IPOs accident,1 at the same time and also the share price is about,1 perceived to be absolutely,1 high,” said Andrew Leung, an independent analyst.
Prada had discussed traveling,1 public several times in the accomplished,1, with the most recent attempt delayed after the world banking,1 crisis in 2008 sent markets tumbling.
Local investors were acceptable,1 angry,1 off by warnings in Prada's prospectus that shareholders could be hit with Italian capital assets,1 tax of 12.5 percent on any profits from selling their shares as well as up to 27 percent denial,1 tax on dividends. Hong Kong doesn't tax capital assets,1 or dividends and it doesn't have a dual-taxation acceding,1 with Italy.
The remaining 14 percent comes from new shares that will raise about $270 million afterwards,1 fees for the aggregation,Cheap Mulberry Cross Body Bags,1. most of the money will be used to open more stores or expand absolute,1 ones and pay off debt.
A number of other companies have been planning Hong Kong listings, although several have shelved or adjourned,1 them recently amidst,1 the market's tumble.