Chronext, a Switzerland-based luxury watch marketplace operator backed by publishing firm Mediengruppe Oberfranken and retail group Tengelmann, today announced its intention to float in an CHF250m ($273m) initial public offering.
The offering will likely include the issuance of new and secondary shares on the SIX Swiss Exchange. It is set to be held in the fourth quarter of this year and will potentially include an over-allotment option for up to 15% of the shares sold.
Founded in 2013, Chronext operates an online marketplace platform for new and used luxury watches from brands such as Rolex, Patek Philippe and Audemars Piguet. The company has served more than 100,000 customers and generated approximately $120m of revenue in 2020.
Chronext will use some of the IPO proceeds to fund its growth, develop its product offering and expand geographically. It also intends to add new branches to its lounge network and invest in its technology, including in the creation of a mobile app.
Philipp Man, co-founder and CEO of Chronext, said: “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.”
Venture capital firm Slingshot Ventures led a $65m debt and equity financing round for Chronext in March 2020 that included Tengelmann’s corporate venturing arm, Tengelmann Ventures, in addition to financial services firm NRW.Bank, Partech, Endeit Capital, Octopus Ventures amd Capnamic Ventures.
Tengelmann Ventures and Endeit Capital co-led Chronext’s $34m series D round in 2018, investing alongside Octopus Investments, Capnamic and Partech. It had also picked up $14.9m of series C funding from Partech Ventures, Octopus Ventures, Capnamic, InVenture Partners and NRW.Bank in 2016.
Chronext had received $5.3m in a 2015 series B round backed by Mediengruppe Oberfranken’s MGO Digital Ventures unit as well as NRW.Bank, Partech, InVenture Partners, Capnamic, Altus Capital, Playfair Capital and assorted private investors.