Strong demand for Prada's HK IPO

Prada's £1.6bn Hong Kong initial public offering is five times subscribed.

The Milan fashion house launched the retail section of its IPO on Sunday. It set an indicative price range of HK$36.5 (£2.89) to HK$48. That range values the luxury goods company between $11.4bn and $14.6 bn.

Strong demand for Prada's IPO comes after investors have baulked at some recent Hong Kong offers amid choppy equity markets.

Prada would be the first Italian company to float in Hong Kong.