Exclusive social networking site targets $80 million Swiss listing

ZURICH (Reuters) - Upmarket social network ASMALLWORLD is listing on the Swiss stock market next week in a deal that could value the company at 79.3 million Swiss francs (59.84 million pounds)it said on Thursday.

The Swiss company that has been dubbed the "Myspace for millionaires" or "Facebook for rich kids" said it will not be selling new shares when it starts trading on Tuesday because it does not need more cash to grow.

Instead, the Zurich business, which requires new members to be invited by an existing member or be approved by a committee, said it was listing to generate publicity.

"We're excited to become the first social media company to be listed on the Swiss exchange," said Chairman and majority owner Patrick Liotard-Vogt. The Swiss businessman is the grandson of former Nestle <NESN.S> CEO Pierre Liotard-Vogt and is a regular in Swiss society pages.

"With the listing we can raise the visibility and boost strategic options," he added.

About 8.1 million shares will be listed, the company said, citing what it called a "reference price" of 9.75 francs per share, with a free float of at least 40 percent.

WEINSTEIN

At a news conference on Thursday, Liotard-Vogt told Reuters he bought his stake in 2009 from disgraced movie mogul Harvey Weinstein, who faces lawsuits after being accused of sexual harassment and misconduct by Hollywood actresses including Salma Hayek, Angelina Jolie and Ashley Judd.

Weinstein, who denies having non-consensual sex with anyone, sold his stake nearly a decade ago amid a reorganisation in which the producer was focusing on his movie assets, Liotard-Vogt said.

The company said 2017 revenue rose 21 percent to about 5 million francs, with about 28,500 members who generated an average of 198 francs per person through annual membership fees, the sale of services to members and access to events such as luxury ski getaways and supper clubs.

ASMALLWORLD, which said it is debt-free, aims to boost sales to 20 million francs and membership to 100,000 people by the end of 2022.

($1 = 0.9451 Swiss francs)

(Reporting by John Miller and Paul Arnold; Editing by Dasha Afanasieva)