Jimmy narrows IPO price range

That would value the company, which is aiming to list a 25 per cent stake in London, at up to £624m, below the initial top target of £702m.

“The market has been on its toes and people have been worried about the performance of previous IPOs such as (fashion retailer) Zalando and (tech company incubator) Rocket,” one person said.

“As investors showed most interest at the 140p-160p range, it was sensible to narrow it.”

Weaker equities markets have recently hit demand for new issues in Europe. French energy services firm Spie and Italian cosmetics firm Intercos failed to attract enough demand for their initial public offerings, resulting in both being pulled last week.

Fund managers have also expressed concern that Jimmy Choo had around £100m of debt and spent a lot of money on opening new shops, around 8 per cent of its sales, while the industry average was 5 per cent.

One of the sources said the books for Jimmy Choo’s IPO were covered throughout the new price range, with strong interest from long-only investors and sovereign wealth funds.