Facade of Watches of Switzerland's Hudson Yards store.

LONDON — The British retailer Watches of Switzerland has taken another step toward a proposed initial public offering on the London Stock Exchange, revealing key details ahead of the free float of at least 25 percent of the company’s issued share capital.

Earlier this month, the firm’s private equity owners Apollo Global Management confirmed widespread market speculation, revealing plans to take WoS public.

WoS is the U.K.’s largest retailer for Rolex, Patek Philippe, Cartier, Omega, Tag Heuer and Breitling. It also owns the premium luxury jewelers Goldsmiths and Mappin & Webb, and in 2017 purchased the watch and jewelry retail chain Mayors in Florida.

On Tuesday, it set a price range of 2.50 pound to 2.77 pounds, giving the company an implied market capitalization of 610 million pounds to 660 million pounds.

The price/earnings ratio is 13x to 14x the consensus net income of 47 million pounds expected by April 2020. The implied enterprise value of the company ranges from 730 million pounds to 780 million pounds.

The minimum deal size is 200 million pounds, excluding a greenshoe, or over-allotment option, of 10 percent if demand proves higher than expected.

As reported, Barclays Bank and Goldman Sachs International have been tapped to act as joint global coordinators, joint book runners and joint sponsors. BNP Paribas and Investec Bank are acting as joint book runners. N.M. Rothschild & Sons Ltd. is the financial adviser to WoS.

Brian Duffy, chief executive officer of Watches of Switzerland Group, said earlier this month the plan for an IPO signals the next stage in the company’s journey, “leveraging our scale, retail and e-commerce expertise, and strong stakeholder relationships to continue our profitable growth strategy.”

He said there are significant growth opportunities ahead, “both in the U.K. and the U.S., many of which are already being realized. I am very excited for what lies ahead and the opportunity to take our growth strategy to the public markets.”

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