Prada Appoints Banks for IPO

Milan, Italian fashion company Prada said it has started its long-awaited listing process and appointed Banca IMI, UBM and Goldman Sachs as global coordinators and book runners.

Prada, which in the past has ditched listing attempts due to volatile markets, said the initial public offer should go ahead in 2008, "depending on market conditions".

Intesa Sanpaolo, which owns Banca IMI, bought 5% of the company through a capital increase of 100 million euros in 2006, valuing the entire company at 2 billion euros.

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