But now Gaetano Micciche, head of Intesa Sanpaolo's corporate and investment banking division, which is managing the IPO, says that the company will push forward with its IPO plans: "To list we will pick the right moment for the operation to be a great success, as the company, I believe, deserves. No delays."
Back in January, I wrote this about about Prada's IPO plans:
Assuming that Prada's IPO plans are indeed unfazed by the luxury market bloodshed, there are two possible scenarios:
- Prada plans to go ahead with a June IPO because it believes the market will be kinder to luxury goods stocks by then, which would be bullish for the industry now.
- Prada plans to do the IPO in June because raising money after that will only be more difficult.
Prada's plans to press on with its IPO plan probably signals bullishness that the market will be kinder in June -- and that's good news for investors looking at other luxury retailers.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
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