Fashion house Prada has raised $2.1bn (£1.3bn) via its initial public offering on the Hong Kong stock exchange, the BBC has learned.
But the shares were priced at the lower end of a target range, raising less than the maximum $2.6bn wanted.
Prada will be the first Italian firm to list in Hong Kong as it seeks to tap China's appetite for luxury goods.
Recent share sales have struggled as global stock markets have been under pressure.
Luggage firm Samsonite fell as much as 11% on its trading debut in Hong Kong on Thursday.
Prada had planned to sell 423.3 million shares in a range of HK$36.50 to HK$48.
The company was founded in 1913 and also owns Miu Miu and Church's Shoes brands.
Its shares are set to begin trading on 24 June.