Luxury shoe brand Jimmy Choo for London IPO

British luxury shoe brand Jimmy Choo said on Tuesday it would float on the London Stock Exchange, with owner JAB Luxury offering existing shares in a deal which could value the firm at least £700 million ($1.2 billion).

The company, known for its perilously high heels, is selling itself as a chance to get exposure to the high-end shoe market, one of the fastest growing sub-categories of the luxury goods industry.

Jimmy Choo, which was acquired by private investment firm JAB Luxury in 2011, had adjusted core profits (Ebitda) of £27.6m in the first half of 2014.

The firm will be targeting a minimum free float of at least 25 per cent of share capital, with the listing likely to take place in October this year. Its shoes have appeared in Hollywood films including "Sex and the City" and "The Devil Wears Prada".

European IPO issuance levels have quadrupled so far this year from 2013, with 177 companies raising $55.5b. London has proved a particularly attractive destination, accounting for $19.8b, or just over a third of issuance, according to Thomson Reuters data.

BoA Merrill Lynch is leading the deal. HSBC is acting as joint bookrunner and BHF-BANK is acting as co-lead manager.
 

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