Chronext plans flotation on the SIX Swiss Exchange
13 September 2021 09:08
Chronext based in Zug has announced flotation on the SIX Swiss Exchange. According to a press release, this is anticipated to involve an increase in capital amounting to 250 million Swiss francs. In addition to new shares being issued, investors will also be able to sell existing shares. The flotation is scheduled to be concluded in the fourth quarter of 2021.
With this floatation, Chronext primarily plans to drive growth and increase trust in the market. The startup based in Zug operates a platform for new and preloved vintage luxury watches. It manages pre- and post-sales services, payments, authentication, and logistics. An internal watchmaking workshop checks each and every watch for authenticity and quality.
Since being founded in 2013, Chronext has achieved an average annual growth rate of 104 percent. In 2020, the company exceeded sales of 100 million euros for the first time. Sales growth of around 40 percent is anticipated for 2021.
Jacob Fonnesbech Aqraou, Chairman of Chronext’s Board of Directors, states: “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.”