Watches of Switzerland targets £660m London listing
Luxury retailer Watches of Switzerland said today it is targeting a London float that could hit a valuation of £660m.
The company sells luxury watch brands such as Rolex, Patek Philippe, Cartier and Hublot.
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It has 125 shops in the UK and 21 in the US. In its intention to float document, filed earlier this month, it said it would use some of the money raised to target the US market which it described as “under-developed”.
The retailer today confirmed it was targeting a price range of 250p-270p which would give it a market capitalisation of £610m-£660m.
That would give it a price-to-earnings ratio of 13-14 times, based on consensus net income of £47m at April 2020.
The company is planning a premium listing on the main market of the London Stock Exchange, meaning it would sell at least 25 per cent of its business.
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The company is owned by US private equity firm Apollo Global Management which said it will retain a controlling stake in the business following the float.
Watches of Switzerland has appointed Barclays and Goldman Sachs as joint bookrunners and joint sponsors, BNP Paribas and Investec as joint bookrunners in the event the offer proceeds and Rothschild & Co as financial adviser.