Italian luxury group Prada wants to obtain a valuation of at least $1 billion in a second listing in Milan and is working with Goldman Sachs Group for preliminary preparations, according to an article published by Bloomberg, taken by Reuters.
The listing is likely to take place next year, with the company looking to raise funds by selling new shares in Milan, the article said, citing people familiar with the matter.
A dual listing in Europe would help the Hong Kong-listed luxury group broaden its investor base, as some funds can only invest in European or US stocks.
Prada chairman Paolo Zannoni said last month that a secondary listing in Milan was a possibility but not a priority for Prada, adding that no decision had been made on the matter.
Co-CEO Miuccia Prada and her husband, Italian businessman Patrizio Bertelli, are unlikely to reduce their stake in the company. The two have an 80% stake in the company.
Prada and his advisers are working through the complexities of the Hong Kong-Milan dual listing and no final decisions have been made on its timing or size.
Prada and Goldman Sachs did not immediately respond to requests for comment from Reuters.