Ethical online clothing trader Adili enjoyed a buoyant first day's trading on London's Alternative Investment Market (AIM), boosting its share price from 17.5 pence to 19 pence on Tuesday (11 December).

The company placed 8.57m ordinary shares in total, raising GBP1.5m (US$3.1m). The net proceeds, estimated at GBP1.2m, will be used to fund the creation of Adili's new own-label range, as well as for working capital to aid the company's general expansion plans.

Adili has been in business for just over a year, aiming to tap into the current consumer vogue for buying ethically-sourced, environmentally friendly products.

The company currently sells existing brands through its website, but now hopes to source its own products with the creation of an own-label range.

Founded by Quentin Griffiths, ex-director of Asos, another successful online clothing trader, the company also hopes that its AIM listing will enhance its credibility and reputation, as well as enabling it to offer attractive incentives to senior staff.