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Jimmy Choo IPO gets off the ground at 140p/share

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Kirstin Sinclair | Getty Images Entertainment | Getty Images

Jimmy Choo, the luxury shoemaker, has raised 140p per share in an initial public offering (IPO) on the London Stock Exchange valuing it at £545.6 million ($877 million). The share price rose to 142.5p in early trading Friday, as the UK's FTSE market appeared calmer after a rocky week.

Jimmy Choo, which was founded by its eponymous designer and entrepreneur Tamara Mellon in 1996, gained mainstream fame after frequent appearances and name checks in TV series Sex and the City.

The company will use the funds from its IPO to fuel international expansion.

The high-end shoemaker has been able to get its offering away despite market turbulence, which contributed to the abandonment of the planned Aldermore IPO earlier this week.


However, this has come at the cost of a lower market valuation than if the company had priced at the top of its initial range, 140-180p, which was brought down to 140-160p this week.

The IPO market has disappointed this year, with the share prices of a number of companies, including internet companies Zalando and Rocket, falling after their debut.

- By CNBC's Catherine Boyle