The Works has revealed a successful pricing of its IPO on the London Stock Exchange. The offer price of 160p per share values the business at £100 million on its admission, with dealings set to commence from 19th July. The offer is expected to raise £65.2 million gross of which £28.5 million is for the retailer and £36.7 million is for the selling shareholders – two funds from Endless and the business’ executive directors and chairman, members of the senor management team and other individuals. The Works which operates 400 stores selling low cost gifts, crafts and stationery lines was acquired by Endless in 2008.
Kevin Keaney, The Works CEO said: “Today represents a significant milestone for The Works and we’re extremely pleased with the level of interest we’ve received from investors in the business.” Adding, “They’ve seen what our customers see every day – a unique and exciting retail experience that combines value, quality and variety that’s available online and in-store.”
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