Specialist retailer Watches of Switzerland has floated on the London Stock Exchange at 270p per share, giving the retailer a market capitalisation of £647m.

Chief executive Brian Duffy said the IPO heralded “the next phase in our growth story”.

He said: “I am delighted by the reaction we have received from the market to our business and the significant opportunities that lie ahead. I look forward to welcoming our new shareholders to the business and to working with them as we continue to execute on our growth strategy.”

Conditional dealing in the stock began this morning and unconditional dealings will begin next Tuesday.

Recent retail IPOs such as those by Quiz and Footasylum disappointed investors and have been followed by a slew of profit warnings.

However, Duffy told Retail Week earlier this month he was confident of Watches of Switzerland’s continued success.

He said then: “We are in a great category and we lead that category. We have a proven formula and strategy and we have been in the market for a long time.”

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