(Alliance News) - E-commerce womenswear fashion bran In The Style Fashion Ltd on Wednesday said it has started trading on AIM in London following a "significantly" oversubscribed placing.
The company said it has placed 5.5 million new shares and 24.5 million of existing shares, both at a price of 200 pence each with institutional and other investors.
Based on the placing price, the market capitalisation of the company will be GBP105 million on admission, which is expected to take place on Monday next week. On admission, the company said it will have 52.5 million shares overall and a free float of 44%.
In The Style Fashion said, on admission, Causeway Capital Partners I LP will own short of 15% and senior management will own about 27% of the issued shares.
The placing of the new shares will raise gross proceeds of GBP11.0 million for the company, it said, and GBP49.0 million for the selling shareholders.
"The placing was significantly oversubscribed enabling the company to increase the number of sale shares available to new investors and to set the placing price at the top of the valuation range," In The Style Fashion said in its statement Wednesday.
The company said it intends to use the net proceeds of the placing, together with some of its existing cash resources, to continue to invest in growing and developing its social media influencer network, selective brand marketing, entry into some international markets, and assist with the move to a new, larger warehouse in 2021 to support further growth.
"We are thrilled by the very positive reception to our IPO from a wide range of high-quality institutional investors. This is a great testament to In The Style's differentiated brand, innovative influencer collaboration model, and exciting opportunities for future growth," said Chief Executive Adam Frisby.
Liberum Capital Ltd is acting as nominated adviser and sole broker in relation to the admission.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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