Prada IPO Said to Value Company at More Than European Rivals

Prada SpA is seeking to raise as much as $2.6 billion in a Hong Kong initial public offering this month that would give the maker of Miu Miu handbags a higher valuation than most of its European rivals.

The Milan-based company set a price range of HK$36.50 ($4.69) to HK$48 a share, two people with knowledge of the matter said today, declining to be identified as the process is confidential. The IPO would raise $2 billion to $2.6 billion based on the range, the people said. Including an overallotment option, the offering would raise as much as $3 billion, according to Bloomberg calculations.