The firm has sold just under 26 percent of its shares in an initial public offering to raise money for expansion in Asia, reported the BBC. Consequently, Jimmy Choo, 70 percent owned by its founding company JAB Luxury, has been valued at 545.6 million pounds.
"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," said chief executive Pierre Denis.
Singaporean sovereign fund buys 4.6 percent stake in Jimmy Choo
On the first day of conditional trading, Jimmy Choo attracted Singaporean sovereign wealth fund GIC to take a 4.6 percent stake. As reported by the ‘Financial Times’ and according to the pricing notification to the London Stock Exchange, GIC bought 18 million shares.
This way, the Singapore-based fund has become the second-biggest shareholder, just second to JAB investment vehicle of the Reimann family, which still holds 70.2 percent. The float leaves the directors own 2 percent, while some other employees, who applied for shares in the offer, were allocated 624,612 shares worth 900,000 pounds, as published by ‘The Guardian’.
JAB will receive 141 million pounds from the offer and other 34,349 pounds will go to the company’s employee benefit trust.
The shoemaker – said to focus on expanding in Asia – will open 10 to 15 new shops a year.Angela González Rodríguez