UK high street sportswear chain Footasylum will be valued at around GBP171.3m (US$227.3m) when it floats on AIM next month, with the family remaining majority stakeholders.
The company said it aims to raise gross proceeds of GBP65.4m in the initial public offering (IPO), as dealings in the shares commence on 2 November.
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Funds generated from the IPO will be used to facilitate the company’s growth capital expenditure plan, with GBP3.9m used to repay a director’s loan made to the company by the chairman, John Wardle.
“Today marks the beginning of an exciting new chapter in the Footasylum story,” says CEO Clare Nesbitt. “We are delighted that our product-led, multi-channel expansion strategy has resonated so strongly with investors, and are thrilled to have received such a strong level of demand for the placing. We welcome our new shareholders and look forward to delivering the significant potential that we see for Footasylum as a quoted business.”
Footasylum operates a multi-channel offering with 60 stores. For the 2017 financial year period, its store estate accounted for 71% of revenue and e-commerce 29%.
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