(Alliance News) - Glasses frames maker Inspecs Group PLC on Thursday said it plans to raise GBP94.0 million through its AIM stock market float.
The Bath-based firm manufactures and distributes eyewear products to retail partners. Inspecs is chaired by Ian MacLaurin, who served as chair of Tesco PLC between 1985 and 1997 and Vodafone Group PLC between 1999 and 2006.
It will place 48.2 million shares at 195 pence each, raising GBP94.0 million, and giving it a market capitalisation of GBP138.0 million.
The company's expected admission date is February 27.
Chief Executive Robin Totterman said: "Today marks a truly exciting moment for Inspecs as we embark on the next stage of our growth journey in order to capitalise on the significant market opportunity that exists in the globally expanding eyewear industry. We are delighted to have received a positive reception from a high quality set of investors.
"This IPO will enable the business to fuel its growth ambitions both organically and through acquisitions, as we leverage our key strengths and competitive advantages to continue to take market share and drive shareholder value. We are looking forward to our future as a listed company and the opportunities this will bring for everyone involved with Inspecs."
In 2018, the company reported revenue USD57.3 million, up 17% from 2017's figure of USD49.2 million.
In the first half of 2019, its revenue climbed 14% year-on-year to GBP30.4 million.
Its penned to publish its 2019 results by June 30 latest, under AIM rules.
"For 2019, the group expects to achieve a mid-high single digit revenue growth, maintaining its track record of delivering strong organic revenue growth," Inspecs said.
The company said it has licence agreements with the likes of French Connection Group PLC, Superdry PLC and accessories maker Radley.
By Eric Cunha; ericcunha@alliancenews.com
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