eCommerce retailer In The Style has been valued at £105 million ahead of its admission to London’s Alternative Investment Market (AIM) next week on 15 March.
In a statement released today, the company said it had placed 5.5 million shares (at 25p each) and 24.5 million existing shares at £2 each. Which together are expected to raise £11 million and £49 million respectively.
It said that as the placing was significantly oversubscribed, it was able to increase the number of shares on sale available to new investors and therefore set the placing price at the top of the valuation range.
On Admission to the AIM, the company will have 52,499,998 ordinary shares in issue and a free float of around 44.2 per cent.
Senior management will own a 27.3 per cent stake and Causeway Capital Partners will have around 14.5 per cent.
The company says it will invest the net proceeds of the Placing, together with some of its existing cash resources, back into the business to support further growth. A move to a new, larger warehouse in 2021 is also planned. Along with the previously announced appointment of two new independent non-executive directors, Nancy Cruickshank and Adam Bellamy, to its board.
Adam Frisby, chief executive officer of In The Style, said: “‘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.
“I’m incredibly proud of the ITS brand and would like to take this opportunity to thank everyone connected with In The Style – including our team, customers, partners and influencers – for their continued support of the business, which has contributed to both its success so far and today’s exciting milestone.
“We are delighted to welcome our new shareholders and are looking forward to the next exciting chapter of In The Style’s journey as a public company.”
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