(Sharecast News) - Shares in In The Style Group jumped on Monday after the online fashion brand made its London market debut.
The retailer, which has listed on Aim, the London Stock Exchange's junior market, commenced trading at 200p, and by 1130 GMT was ahead 8% at 237.75p.
The initial public offering included the placing of 5.5m new ordinary shares at 0.25p and the placing of 24.5m existing ordinary shares at 200p, raising gross proceeds of £11m for the company and £49m for the selling shareholders. Its market capitalisation on entry was £105m.
Adam Frisby, founder and chief executive, said: "Our successful admission to Aim is a milestone we are delighted to have achieved. We are very pleased to welcome our new shareholders to the business and I am really excited for the next chapter of the In The Style journey."
In The Style, which is aimed at women aged between 16 and 35, markets itself through social media influencers. Like other online companies, its business has boomed during the pandemic.
2 Apr 2024 17:35
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News: