The shares pretty much flatlined throughout a morning session where investors could reasonably protest that they had bigger things to sort out after a nightmarish week of volatility in which the threat of another European recession has sent markets skidding.

The company, owned by private equity investors JAB Luxury, floated 25.9% of its shares at the offering, raising 141 million pounds ($227 million) initially and valuing the company at 545 million pounds ($877 million). The size of the offering could rise by another 21 million pounds if the banks on the deal exercise an over-allotment option.

Around one-fifth of the offering was taken by the Singapore-based sovereign wealth fund G.I.C., which will become the 2nd biggest shareholder in the company with a stake of 4.6%.

It’s not the blow-out the owners would have hoped for, but the wonder is that the deal got done at all in a week in which trillions of dollars has been wiped off global equity valuations. Aldermore Plc and Virgin Money Plc, two U.K. banks that had hoped to list this month, both pulled their deals this week.

Even though Jimmy Choo, as a luxury brand, is arguably better positioned than many cheaper fashion names to withstand a European recession, the company will still have to battle with the slowdown in high-end spending in China that has plagued companies such as French drinks and fashion group LVMH SA and the U.K.’s Burberry Plc. Burberry warned earlier this week that Chinese customers were spending less both at home and abroad and said the worsening external environment would probably hit full-year margins.

By lunchtime in London, they were fractionally above the launch price at 140.25 pence.