Chronext wants to go public

The watch platform takes the plunge in Zurich. The company is reportedly expecting a valuation of one billion euros.

Chronext wants to go public. The watch start-up officially announced on Friday that it is aiming to go public on the Swiss stock exchange in Zurich. According to the plan, the process should be completed by the end of the year. The company did not provide any information about the planned valuation. The Handelsblatt reports with reference to insiders that Chronext is aiming for 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 pre-owned luxury watches are traded. Last year, the company broke the 100 million euro turnover barrier for the first time.

The IPO includes a capital increase of 250 million Swiss francs, around 230 million euros. "This gives us the financial flexibility to benefit from the unprecedented changes in the luxury watch segment and to continue to grow in the structurally underdeveloped online market," said CEO Man. "We are delighted that our success story has already met with great interest from many well-known institutional investors."