Watches of Switzerland eyes London listing
Retailer for Rolex, Cartier and Omega considers IPO to reduce debt and expand
London — Britain’s biggest watch retailer, Watches of Switzerland Group, is considering an initial public offering in London as it seeks to reduce debt and make acquisitions. The company, which markets 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. The IPO would entail the sale of 25% new and existing shares, it said on Thursday. A premium listing meets rules more stringent than the EU’s minimum requirements. The IPO could value the company at up to £1bn, or 12-15 times earnings before interest, tax, depreciation and amortisation, says an informed source. But another source pointed to a more modest valuation of £600m-£800m for the company, which had revenue of £746m and ebitda of £67.7m at year-end in January 2019. Owned by US private equity firm Apollo Global Management, Watches of Switzerland has 125 shops in Britain and several standalone stores in th...
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