Boohoo.com will list is shares on the London Stock Exchange next Thursday with the sale of £300 million pounds worth of stock.
The initial public offering on the AIM market will value the company at £560 million. The founding Kamani family and other shareholders will retain a 44 per cent stake in the business.
The float will leave the company with £50 million cash which it intends to use for expansion. The company has already launched menswear and a plus size range in the last year as well as a French language website. About a third of sales are overseas.
The company said sales in the 10 months to December increased 70 per cent to £91.9 million while adjusted earnings before interest tax and depreciation were £10.1 million. Sources said full year sales were around £115 million and profit on the same basis closer to £15 million.
Joint chief executive Carol Kane said: 'Boohoo is a lifestyle driven, online destination and the ‘go to’ for the latest fashion trends at affordable prices. We are confident that our competitive position and growing customer base means that we are well placed to capitalise on the fast growing online fashion retail market.'
She said: 'Our success to date, coupled with our exciting expansion plans, makes this an ideal time to bring the company to AIM.'
The main shareholder is Mahmud Kamani. Other shareholders include Kane and Clare Hughes, the wife of Richard Hughes, a director and co-founder of Zeus Capital who advised Boohoo on the IPO. She currently has a 3.93 per cent stake and will retail it for at least 18 months.
Meanwhile, among the other shareholders and non-executive directors revealed on this site last week, is Petar Cvetkovic who is a non-executive at Crawford Healthcare, a company owned by Richard Hughes, and chief executive at DX Group which floated last month.
Boohoo said he was on the board as a shareholder and an expert in logistics and not as an independent director.
No comments:
Post a Comment