Luxury shoe company Jimmy Choo is on course to join London's main stock market with a value of up to $1.1 billion, industry sources said yesterday, citing the initial price range quoted by banks arranging the sale.

The company, whose shoes cost up to £600 a pair and are worn by celebrities across the globe, is looking to use the money raised from the listing to expand, particularly in Asia.

Books opened yesterday with an initial price range of 140-180 pence a share, which would mean an equity value for the company of between £546 million and £702 million.

With an aim to list 25 per cent of the company, that would put the deal size at between £136 million and £175 million, before any over-allotment option is exercised, which could see further shares sold, the sources said. – (Reuters)