Shares in footwear brand Jimmy Choo opened at 141 pence per share signalling a cautious debut on the London Stock Exchange this morning.
It's a rise of 0.7 per cent on its offer price of 140 pence per share amid a cooling IPO market and an embattled London stock market that may ease investor worries, if only momentarily.
The offer price was at the lower end of expectations and valued the luxury shoe and accessories business at £545.6m. The float had been expected to peg the firm closer to the £1bn mark.
Owner JAB Luxury could make an additional £21m from the take up of the over-allotment option, however.
Post-IPO JAB will hold a 70 per cent stake in the business beloved by celebrities and made famous by hit TV series Sex and the City.
Senior executives at Jimmy Choo will own two per cent and other employees will own a smaller stake.
Unconditional trading of Jimmy Choo is expected to start from 22 October following conditional trading, which begins today.