// Watches of Switzerland valued at £647m following stock market debut
// The luxury watch retailer will price its shares at 270p each
// Apollo Global Management owned 90% of the retailer before its listing
Watches of Switzerland has priced its shares on its first day of trading on the London Stock Exchange with a market capitalisation of £647 million.
The luxury watch retailer will price its shares at 270p each.
It said 34 per cent of its issued share capital would be floated immediately following admission to trading.
Apollo Global Management owned 90 per cent of the retailer before its listing.
It previously said it would use the IPO to cut debt.
Its initial stock market offering comprises around 47 million new shares, bringing in gross proceeds of £155 million and 24 million existing shares being sold by current shareholders.
Watches of Switzerland had revenues of £746 million in the 12 months to January 27.