We last spoke (disapprovingly) about Prada’s IPO where we discussed the fact that only high growth and a greater foolish secondary market could justify the high price. Well, since then Prada did complete its bookbuilding, and more details are emerging. See the Bloomberg coverage:

Prada initially sought to sell the shares at HK$36.50 to HK$48, according to the IPO prospectus. The company yesterday narrowed the range to HK$39.50 to HK$42.25 after failing to get orders for half of the 42.3 million shares offered to retail investors, two people with knowledge of the matter said. Prada had enough orders to sell the shares about three times over at that price, according to a person with knowledge of the matter. About ninety-five percent of the stock was sold to money managers and the rest went to retail investors.

Diana Footitt, an outside spokeswoman for Prada in Hong ...