#Swiss #watchmaker #IPO
“Chronext’s planned IPO in Zurich is expected to take place this month”— Paul Ebeling
The company and its owners are working on the listing with banks including UBS and Bank of America, with Evercore acting as IPO advisor,.
Breitling’s luxury label and A-list promoters put a CHF3-B valuation in sight.
Notably, Hollywood Stars have given Breitling some financial sparkle. The Swiss maker of aviator timepieces touted by celebrities like Brad Pitt, Charlize Theron and Adam Driver has nearly 2Xd its sales on CVC’s 4-yr watch. The buyout firm is now considering selling a 20% stake.
Chronext is expected to be valued on its Ys 2022 and 2023 forecast sales, the sources said. If the company’s growth continues at the current pace, sales could exceed EUR 200-M in Y 2023. Chronext and the banks declined to comment.
Rival Chrono24 is also exploring a potential stock market listing
The online marketplace for new and pre-owned luxury watches is growing fast.
Have a prosperous weekend, Keep the Faith!