Shares in luxury shoemaker Jimmy Choo opened at 141 pence on their market debut today, up 0.7 per cent on the offer price of 140p, after conditional trading began on the London Stock Exchange.
Owner JAB Luxury had priced the offering of 25.9 per cent of the business at the bottom of the original price range of between 140 and 180 pence a share, valuing the company at £545.6m.
Jimmy Choo comes to market at a time when stock market listings are being pulled across Europe, as global equity markets are roiled by concerns over issues including the sluggish pace of economic growth in many leading markets.
UK lender Aldermore was also supposed to start trading in London today, but withdrew its flotation plan on Wednesday after failing to cover the books.
Jimmy Choo’s stock market performance is seen by many bankers as a test of whether upcoming deals can survive in current market conditions. “All transactions are on a ... daily watch,” a senior banker involved in new share issues said. “All eyes are on Jimmy Choo.”