(Alliance News) - In The Style Group PLC began life in London on Monday after the online fashion brand raised GBP11.0 million from its initial public offering.
In The Style - a fashion brand is aimed at women aged 16 to 35 - placed 5.5 million new shares and sold 24.5 million existing shares at 200 pence each. In addition to the new money raised for the company, existing shareholders netted GBP49.0 million from the IPO.
At the placing price, the company's market cap is GBP105 million.
The company was trading at 238.00p in London on Monday in midday trade, up 19% from the IPO price.
Chief Executive Adam Frisby said: ''Today is a really exciting day for In The Style. Our successful admission to AIM is a milestone we are delighted to have achieved. It has been an incredible journey over the last seven years for the business and I'm beyond proud of the differentiated and inclusive brand In The Style has become."
In The Style was founded in 2013 by Frisby. Former Jimmy Choo finance executive James Sharp is non-executive chair.
When announcing the plans for the IPO at the start of March, Frisby noted the company's "innovative influencer collaboration model".
He said: "We work closely with social media influencers and celebrity partners who align with our brand values to design and launch authentic collections that are then sold through our proprietary In The Style app, e-commerce website, and selected B2B partners."
The Manchester-based company has worked with AIM giant ASOS PLC since 2019.
In The Style recorded adjusted earnings before interest, tax, depreciation and amortisation of GBP3.6 million in the nine months to December 31 on GBP35.4 million in net sales.
By Paul McGowan; paulmcgowan@alliancenews.com
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