hronext announces its intention to launch an initial public offering and list its shares on SIX Swiss Exchange. The IPO is likely to include new shares from a capital increase as well as secondary shares from certain existing shareholders. Shares will be offered to private and institutional investors in Switzerland and institutional investors in certain other countries. The IPO is targeted to be completed in the fourth quarter of 2021, subject to market conditions.
Philipp Man, CEO and Co-Founder of Chronext: “Today is a very exciting day for the Chronext team. Having grown very fast since we founded the Company in 2013, our goal is to now list Chronext to give ourselves the financial flexibility to capitalise on unprecedented change in the luxury watch sector, and to conquer further growth in the structurally underpenetrated online market. We are pleased that our story has already generated strong interest among many top-tier institutional investors.”
Jacob Fonnesbech Aqraou, Chairman of Chronext’s Board of Directors: “The stock listing represents a natural next step in CHRONEXT’s development. Apart from the funding of the growth strategy by increasing the Company’s brand visibility, credibility and profile, we think the IPO will allow Chronext to take further share of the rapidly growing and highly profitable hard luxury online market.”
The IPO is expected to include a primary component of up to approx. CHF 250 million and a secondary component. Additionally, the selling shareholders will make existing shares available for a possible over-allotment comprising up to 15% of the shares sold in the IPO (Greenshoe option). The company and members of the Executive Committee including the founders are expected to agree to a lock-up period of 540 days, the Board of Directors to a lock-up period of 360 days, the selling shareholders (excluding any members of the Executive Committee or Board of Directors) are expected to agree to a lock-up of 180 days, and all other existing shareholders to a 60-day lock-up.
Chronext sells 49 brands and has served over 100,000 customers since 2013 and shipped across 62 countries in 2020. As the number one player in the DACH region by revenue, Chronext has what it believes to be an industry-leading repeat purchase rate of about 30% within 36 months1 while being profitable on the first order on fully loaded unit economics, and surpassed revenues of €100m for the first time in 2020.