Jimmy Choo could soon be strutting its stuff in the City with the luxury shoe brand leading a queue of companies revving up plans to float in London now the economic uncertainty caused by the Scottish referendum is over.
The company, which makes shoes that are a red-carpet staple of Hollywood actresses such as Sandra Bullock and Cate Blanchett, is deciding whether to proceed with a stock exchange listing that is expected to value it at more than £700m. Like other float contenders such as the RAC, the motoring services group, and Aldermore, the bank, its board and advisers were keen to see the outcome of the independence poll before committing to a listing in potentially volatile financial markets.
Scottish housebuilder Miller is also on the list of companies that could come out of the traps after last week’s vote in favour of the union that shored up both the FTSE 100 and the pound.
The RAC, owned by private equity firm Carlyle, has been biding its time with management keen for the dust to settle on the referendum and to see the latest figures from rival AA – which reports its half-year figures on Tuesday. The AA, which floated in June, priced its shares at 250p and, unlike other debutantes such as Saga and AO world whose shares have sunk below their offer price, closed last week at 291.5p. Although low-cost airline Wizz Air and fashion retailer Fat Face pulled their flotations after several new issues met little enthusiasm from investors, London is still heading for a record year with 30 companies having joined the market. Some analysts think a listing could value the RAC at up to £2bn.
Aldermore, which does not have a branch network, was set up in 2009 to take on the big four – Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland. It is owned by private equity firm AnaCap which is said to be considering offering half the shares to new investors, potentially valuing the bank at £800m-£900m.
If Jimmy Choo does list, it will add a third luxury name to London’s market, joining Burberry and Mulberry. Founded by the eponymous Hackney cobbler with former It girl Tamara Mellon, the company was snapped up by JAB, the investment vehicle of Germany’s billionaire Reimann family, for more than £500m in 2011. Neither Mellon nor Choo are still involved although Choo’s wife’s niece, Sandra Choi (pictured), is the brand’s creative director. The offering is likely to involve a 25% stake sale, potentially raising close to £200m.
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