Jimmy Choo floats in London at bottom of the range amid market turmoil
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Version 0 of 1. Luxury brand Jimmy Choo made its London stock exchange debut on Friday as the FTSE 100 bounced back after a week of turmoil. The company listed its shares at 140p — the bottom end of the range — valuing the group at £545.6 million. But investors gave the stock a lukewarm welcome as shares lifted just 0.5p to 140.5p in early trade. The FTSE 100, meanwhile, gained more than 1 per cent, rising along with stock markets across Europe following a sell-off which left the benchmark index nursing falls of more than 5 per cent this month. Choo pressed on despite challenger bank Aldermore pulling its £800 million flotation this week, while builder Miller Homes has also shelved its listing plans. Investors remain cautious amid renewed eurozone fears, the falling oil price and worries over the spread of Ebola. Debt markets remained choppy as waning faith in Greece and Spain led to a widespread sell-off of European sovereign debt this week. Choo’s lacklustre debut will have been closely watched by the next planned listings in the City — Sir Richard Branson’s £2 billion Virgin Money launch and car auctioneer BCA Marketplace’s £1.2bn float. |