Italian luxury fashion house Prada is looking to raise between $2bn- $2.6bn in a Hong Kong IPO, ahead of its June 24 listing on the Hong Kong stock exchange.

The Milan –based company anticipates selling 423.28 million shares at an indicative cost range of between $4.69 and $6.17 each.

Prada in a Hong Kong filing on Friday said it expects its half year profit to increase by 46 percent due to it Asia expansion.

The company plans to use the IPO profits to repay bank loans, supplement working capital, expand its sales network and increase shop floor space.