Italian fashion house Prada Spa has proved to be a tough customer for underwriters of its up to $2.6 billion IPO, having capped the overall commission at 1.9 percent of the total offer, which makes it among the lowest fees paid in recent Hong Kong IPOs.

Prada said in its prospectus released yesterday that it will pay a base underwriting commission of 1.2 percent and up to 0.7 percent in incentive fees for the underwriting team. Separately, a source said the offer is five times subscribed.