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Chronex, the online luxury watch sales platform, has decided to postpone its listing on the Zurich stock exchange. Normally scheduled for 8 October, the operation has been delayed due to unfavourable market conditions.
Although conditions are not optimal, Chronext and its shareholders remain determined to go public sooner or later, once market conditions have stabilised. This is according to a statement from the company, published on Wednesday.
Chronext’s intention to go public dates back to last December. Indeed, the company, founded in 2013, sees this operation as a way to raise new funds. “The funds raised will be used to develop the site’s technology platform. They will also allow us to make acquisitions in Europe and the US,” said Philipp Man, the company’s CEO and co-founder.
The company has set the issue price of its shares at between 16 and 21 Swiss francs per share. With 9.5 million shares to be issued, Chronext could potentially value itself at between 520 and 680 million Swiss francs. In addition, 1.4 million additional shares are available for over-allotment, for new profits of up to 230 million Swiss francs at the high end of the range. For the rest, everything depends on the market and the potential events that will impact the share price.
This fund raising should be done in parallel with an ever increasing turnover on the part of the company. Indeed, Chronext, which offers luxury watches like Rolex, Omega, Tag Heuer and Breitling brands, achieved a turnover of 110 million Swiss francs in 2020.
The trend is also upwards for the year 2021. In the first six months of the year, Chronext’s revenues rose by 20.3% to 53.18 million euros, or 57.7 million Swiss francs, according to a company statement. For the year 2021 as a whole, Chronext has set itself the target of a 40% increase in turnover. Even if this imposes a high pace on the group, it intends to maintain it, at least in the short term. The IPO, although delayed, should help it to achieve this goal.
Read also > LUXURY SWISS WATCH SALES SLOW DOWN IN HONG KONG
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Chronex, the online luxury watch sales platform, has decided to postpone its listing on the Zurich stock exchange. Normally scheduled for 8 October, the operation has been delayed due to unfavourable market conditions.
Although conditions are not optimal, Chronext and its shareholders remain determined to go public sooner or later, once market conditions have stabilised. This is according to a statement from the company, published on Wednesday.
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Chronex, the online luxury watch sales platform, has decided to postpone its listing on the Zurich stock exchange. Normally scheduled for 8 October, the operation has been delayed due to unfavourable market conditions.
Although conditions are not optimal, Chronext and its shareholders remain determined to go public sooner or later, once market conditions have stabilised. This is according to a statement from the company, published on Wednesday.
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