Footasylum secures £171.3 million valuation in IPO

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IPO

Footwear retailer Footasylum will be listed on the London Stock Exchange (LSE) next week and has been valued at £171.3 million with a price of £1.64 per share.

Following last week’s announcement that it would launch an IPO on AIM, GCA Altium acted as financial advisor and raised £65.4 million for Footasylum, which will begin trading on November 2.

It will enter the market with 26,474,390 new and 13,381,134 existing shares. 63 per cent of the company’s shares will be kept by its current owners the Makin family, including founder David Makin and its current chief executive Claire Nesbitt.

The remaining 37 per cent of the shares will be free float.

The proceeds of the float will reportedly go towards an expansion drive, looking to more than double its current 60-store estate to 150 and drafting in former JD Sports boss Barry Bown to lead its growth initiative.

“Today marks the beginning of an exciting new chapter in the Footasylum story,” chief executive Clare Nesbitt said.

“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 IPO.”

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