In The Style has announced its plans to float on admission (AIM) in the stock exchange after raising £49m in an oversubscribed placing.
The admission will see the online retailer valued at approximately £105m with 52,499,998 ordinary shares in issue and a free float of approximately 44.2%.
The group revealed it has also conditionally placed 5,500,000 new ordinary shares of £0.25 each and 24,500,000 existing ordinary shares, both at a price of £2 per share with institutional and other investors.
The placing of the new shares will raise the group’s “gross proceeds” to £11m having already attracted strong support from “high quality” institutional investors and was “significantly oversubscribed”.
On admission, Causeway Capital Partners will own approximately 14.5% and senior management will own approximately 27.3% of the issued ordinary shares.
The company said it intends to use the net proceeds to continue to invest in “growing and developing” its social media influencer network, selective brand marketing and entry into certain international markets through its proven influencer model.
Additionally the net proceeds will help with infrastructure and technology and assist with the move to a new, larger warehouse in 2021 to support further growth.
Adam Frisby, CEO 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.
“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.”
Admission and commencement of dealings on AIM are expected to take place at 8.00 am on 15 March 2021.