Britain's biggest watch retailer Watches of Switzerland Group said on Thurs...
LONDON - Britain’s biggest watch retailer Watches of Switzerland Group said on Thursday it was considering an initial public offering in London, as it looks to make acquisitions and reduce debt.
FILE PHOTO: A Datejust watch of Swiss manufacturer Rolex is displayed in Basel, Switzerland, March 26, 2018. REUTERS/Arnd Wiegmann/File Photo The company, which sells brands such as Rolex, Richemont’s Cartier and Swatch Group’s Omega, is looking to trade on the main market of the London Stock Exchange, using its premium listing segment, and sell 25 percent of new and existing shares.The IPO could value the company at up to 1 billion pounds, or between 12 and 15 times its earnings before interest, tax, depreciation and amortization, according to a source familiar with the matter.Owned by U.S.
The global luxury watch market is a structurally attractive market, underpinned by favorable, long-term growth in both price and volume. Watches of Switzerland would join Middle Eastern payment firms Network International and Finablr [IPO.FNA.L] to end a drought in the European IPO market, where proceeds have fallen to their lowest in more than a decade in the first three months of 2019, according to Refinitiv data.
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