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LUXURY shoe company Jimmy Choo is on course to join London’s main stock market with a value of up to $1.1bn, industry sources said yesterday, citing the initial price range quoted by the banks arranging the sale.

The company, whose shoes cost many hundreds of pounds a pair a pair and are worn by celebrities across the globe, is looking to use the money raised from the listing to expand, particularly in Asia.

Books opened on Monday with an initial price range of 140-180 pence a share, which would mean an equity value for the company of between £546m and £702m.

With an aim to list 25 per cent of the company, that would put the deal size at between £136m and £175m, before any over-allotment option is exercised, which could see further shares sold, the sources said.

Jimmy Choo, which recently opened a flagship store in London, had 120 directly operated shops as of the end of June and has said it plans to open 10 to 15 shops a year until 2016.

BoA Merrill Lynch is lead managing the listing, with HSBC as joint bookrunner and BHF-BANK as co-lead manager. The Jimmy Choo company was founded in 1996, and has its roots in London’s East End.