By Marcus Leach

Luxury fashion house Prada have raised $2.14 billion (£1.3 billion) from their initial public offering on the Hong Kong stock exchange.

This was almost half a billion dollars less than they expected as they sold 423.2 million shares at HK$39.50 ($5) each, as they fell short of their $2.6 billion target.

The Italian fashion firm became the first from Italy to float on the Hong Kong exchange and its shares are set to begin trading on 24 June.

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