Watches Of Switzerland Plans GBP200 Million Fundraise From London List (ALLIPO)

LONDON (Alliance News) - Luxury watch and jewellery retailer Watches of Switzerland Group Ltd ...

Alliance News 21 May, 2019 | 10:14AM
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LONDON (Alliance News) - Luxury watch and jewellery retailer Watches of Switzerland Group Ltd said Tuesday it intends to raise at least GBP200 million from its initial public offer on the London Stock Exchange.

On Tuesday, the firm - which also owns the Goldsmiths, Mappin & Webb and Mayors brand - confirmed a price range for its listing of between 250 pence and 277 pence per share.

Such a price range would see the firm raise at least GBP200 million and hand it a market capitalisation of between GBP610 million and GBP660 million. The proposed GBP200 million minimum fundraise excludes a 10% greenshoe option which could bring in additional cash should demand be strong.

The price range would value the firm at a price-to-earnings ratio of between 13 and 14 times based on consensus net income forecasts for the year ended April 2020 of GBP47 million.

Earlier in May, Watches of Switzerland - which is 90% owned by private equity firm Apollo Global Management - said it would use the proceeds from the IPO to reduce current net debt levels to around GBP120 million.

Admission is expected in early June.

By Ahren Lester; ahrenlester@alliancenews.com

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