Watches of Switzerland seeks £660m IPO listing

Watches of Switzerland
// Watches of Switzerland seeks a valuation of £660m ahead of IPO to help pay off some debt
// It will sell shares in a range between 250p and 277p each
// It is focusing on raising at least £200m – excluding a 10% “greenshoe” option

Watches of Switzerland has said it is seeking a market capitalisation of up to £660 million in its impending IPO as it aims to pay off debt.

The luxury watch retailer said it would sell shares in a range between 250p and 277p each, which would value the business at around £610 million to £660 million.

The retailer is now focusing on raising at least £200 million, excluding a 10 per cent “greenshoe” option – which would generate extra proceeds.

US equity firm Apollo Global Management, which owns over 90 per cent of Watches of Switzerland, would reduce its holding but retain a controlling stake.

At least 25 per cent of the the retailer’s shares would be freely traded under the proposal.

Earlier this month, Watches of Switzerland announced it was eyeing the opportunity for a premium listing on the London Stock Exchange after a sales uptick, which was confirmed the following week.

US firm Rothschild is acting as Watches of Switzerland’s financial adviser.

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