Test

In: Business and Management

Submitted By slava4e
Words 2137
Pages 9
Raising Capital

10

Goldman Sachs 2011 Annual Report

For Prada, the time had come to capitalize on

the power of a global brand
In 2010, Prada, one of the world’s most recognizable fashion brands, knew it was time to go public, and that the place to do it was Hong Kong. The reason for choosing Hong Kong was simple: Asia, with its fast-growing economies, had become Prada’s biggest growth market. By 2010, Asia had rivaled Europe and had outpaced North America, accounting for 43 percent of Prada’s annual sales.
With Goldman Sachs’ London investment banking team working with the family-owned company, Prada began preparing to go public in 2007. Postponed by the global financial crisis, the IPO was moving forward again in 2011, with Goldman Sachs as lead underwriter. As the IPO approached, work on the complex transaction stretched across continents and disciplines. While our London team worked with the company on capital markets strategy, our Hong Kong investment banking team took responsibility for deal execution. In marketing the offering worldwide, Goldman Sachs helped Prada present its story to more than 250 leading investors. The IPO raised $2.5 billion. It was the largest consumer goods IPO ever in Hong Kong, and the largest IPO to date of any global luxury brand. The offering enabled Prada to reduce its debt while funding future growth across China and the rest of Asia. By 2015, China alone is estimated to comprise 20 percent of the world’s luxury goods market. Prada is now positioned to make the most of this opportunity, and reinforce its image as one of the world’s most recognizable fashion brands.

Goldman Sachs 2011 Annual Report

11

Raising Capital

Anatomy of an IPO
For private companies, “going public” is a landmark event. An IPO serves several purposes: raising capital to fund growth and acquisitions, enabling founders and investors to…...

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