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Watches of Switzerland said it is seeking a market capitalisation of up to £660m in its upcoming London public listing.
According to reports the retailer intends to sell shares in a range of 250-277p as it seeks to pay off some of its debts. The retailer is now focusing on raising at least £200m, excluding a 10% “greenshoe” option – which would generate extra proceeds.
It is expected that US equity firm, Apollo Global Management, which owns a 90% stake of Watches of Switzerland will reduce it holding but will retail a controlling interest.
In its intention to float document, filed earlier this month, it also revealed it would use some of the money raised to target the US market, which it described as “under-developed”.
Watches of Switzerland has appointed Barclays and Goldman Sachs International as joint global co-ordinators, bookrunners and sponsors, with BNP Paribas and Investec acting as joint bookrunners. Rothschild is acting as financial adviser.
