Watches of Switzerland seeks £660m valuation in London IPO

Watches of Switzerland said on Tuesday it planned to raise as much as £200 million from investors in an initial public offering that could give the British group a market valuation of up to £660 million.


Watches of Switzerland

The company, which sells luxury watches and jewellery through several chains including Goldsmiths, Mayors and Mappin & Webb stores, said it was targeting a price range of 250p to 277p.

The funds will be used to cut debt, support its growth strategy and grow brand awareness in the UK and the US, where it has recently opened new stores and gained a foothold through the Mayors acquisition in 2017.

Watches of Switzerland is planning a premium listing on the main market of the London Stock Exchange, and would sell at least 25% of the business.

Owner private equity firm Apollo Global Management is expected to reduce its shareholding but will retain a controlling stake in the group following the float.

In the year ended April 2019, Watches of Switzerland posted a 22.5% surge in revenue to £773 million, helped by strong sales of luxury watches in the UK and US.

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