Watches of Switzerland IPO set to open fully as share price falls 1%

Watches of Switzerland will fully open its IPO after its debut on the London Stock Exchange last week.

trader looking at Watches of Switzerland data Source: Bloomberg

Watches of Switzerland’s shares are set to openly trade days after conditional trading started for the UK luxury watch retailer. Watches of Switzerland’s share price slightly dropped after an initial better-than-expected debut on the London Stock Exchange.

Watches of Switzerland’s shares rose after trading debut

Watches of Switzerland is owned by US private equity company Apollo Global Management and is the largest UK seller of luxury timepiece brands like Rolex. Under the leadership of chief executive officer (CEO), Brian Duffy, Watches of Switzerland’s sales have grown to make up 35% of luxury watch sales in the UK. The corporation’s 2018 revenue surged 22.5% to £773 million.

The luxury timepiece firm listed its shares at 270p with a valuation nearing £650 million. Since last week, Watches of Switzerland shares have jumped as high as 17%.

Duffy spoke in a statement about Watches of Switzerland’s impressive stock debut.

‘It’s been great. We [Watches of Switzerland] more or less went up 14 or 15%, and we’ve been as high as 17% up. Today’s listing marks the next phase in our growth story. I am delighted by the reaction we have received from the market to our business and the significant opportunities that lie ahead,’ said Duffy.

What’s next for Watches of Switzerland?

Duffy noted that Watches of Switzerland will use its future IPO profits to eliminate debt.

‘The first use of its net proceed will be to pay down debts,’ said Duffy.

‘We [Watches of Switzerland] had a level of debt that is acceptable in a private ownership scenario but is clearly not the kind of level of debt you would carry in a public environment so £155 million of what we raise just went to pay down debt and that is the biggest single thing that has happened to our financial structure overall,’ added Duffy.

With upcoming high-profile IPO launches from companies like railway ticket app Trainline, Watches of Switzerland's stock will be closely monitored by investors.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

See opportunity on a stock?

Don’t miss your chance. Try a risk-free trade in your demo account, and find out whether your hunch could have paid off.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance. Upgrade to a live account to take advantage.

  • Trade a wide range of popular global stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform, when it matters

See opportunity on a stock?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Bid
Offer
-
-
China 300
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.