LONDON (Alliance News) - Jimmy Choo PLC on Friday said it would price its upcoming initial public offering at 140 pence per share, the bottom of the indicative range for the deal.
The luxury shoemaker said that, based on the 140 pence per share price, the total market capitalisation of the company when conditional dealings start will be GBP545.6 million.
The pricing is at the low end of its indicative range. It had originally set an offer price range of 140-180p per share, before narrowing this to 140-160p this week.
The offer comprises 100.9 million shares, representing a total of 26% of the company's share capital.
JAB Luxury GmbH, the German investment company which bought the brand three years ago for over GBP500 million, will receive gross proceeds of GBP141 million from the issue.
The company has been granted an over-allotment option for 15.1 million shares. If exercised in full, the incremental gross proceeds for JAB will be around GBP21 million, Jimmy Choo said.
"We are delighted with our successful IPO. Today's announcement marks an important milestone for Jimmy Choo and recognises not only the appeal of our high quality products but also confidence in our ability to outperform the luxury shoe market. We welcome our new shareholders and look forward to sharing with them the continuing momentum of this exceptional brand," said Jimmy Choo Chief Executive Officer Pierre Denis.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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