Chronext wants to go public
The watch platform is venturing into Zurich. The company reportedly expects a valuation of one billion euros.
Chronext is looking to go public. The watch startup officially announced Friday that it is seeking to go public on the Swiss stock exchange in Zurich. It plans to complete the process by the end of the year. The company did not provide details about its planned valuation. The Handelsblatt reports, citing insiders, that Chronext is targeting a valuation of one billion euros.
The company was founded in 2013 by Philipp Man and Ludwig Wurlitzer. Chronext offers a platform on which both new and used luxury watches are traded. Last year, the company cracked the €100 million revenue mark for the first time.
The IPO includes a capital increase of 250 million Swiss francs, around 230 million euros. "This will provide us with the financial flexibility to benefit from the unprecedented changes in the luxury watch segment and to continue to grow in the online market, which is still structurally underdeveloped," CEO Man said. "We are pleased that our success story has already attracted significant interest from many reputable institutional investors."
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