Watches of Switzerland confirms IPO to go ahead early June

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Watches of Switzerland IPO
// Watches of Switzerland confirms it will proceed with its IPO plan
// The retailer eyed the premium stock market after a sales increase in Q4 results

Watches of Switzerland has confirmed plans to proceed with an initial public offering (IPO) for a £600 million-plus stock market flotation.

The luxury watch retailer announced its intention to be listed on the premium stock market listing last week following a sales increase in fourth quarter results.

The listing could value the company at up to £800 million.

Watches of Switzerland also said it was aiming to raise £155 million to cut debt and support its growth strategy last week.

The final price offer will be established after book-building process, and admission is expected to take place in early June.

“Our transformation is complete, the group is now the UK’s leading luxury watch retailer and has successfully entered the significant, but underdeveloped US market,” Watches of Switzerland chief executive Brian Duffy said.

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