// In The Style confirms AIM admission application after raising £49m in oversubscribed placing
// The move values the retailer at £105m
// In The Style’s first day of trading on the AIM is slated for March 15
In The Style has confirmed it has applied for admission to AIM after raising £49 million in an oversubscribed placing, a move that values the online fashion retailer at £105 million.
In The Style said it raised the funds after it placed five million new shares and 24 million existing shares at 200p each to institutional and other investors.
The retailer added that the placing was “significantly oversubscribed”, enabling it to increase the number of sale shares available to new investors and to set the placing rice at the top of the valuation range.
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Once admitted to the AIM, In The Style said it would have 52 million ordinary shares in issue and a free float of 44.2 per cent.
Meanwhile, fund manager Causeway Capital Partners will hold a 14.5 per stake and In The Style senior management will collective have a 27.3 per cent stake.
In The Style’s first day of trading on the AIM is slated for March 15.
The retailer previously stated it would hire two new, independent non-executive directors, Nancy Cruickshank and Adam Bellamy, once its stock market listing goes live.
“We are thrilled by the very positive reception to our IPO from a wide range of high-quality institutional investors,” said chief executive Adam Frisby in a release.
“This is a great testament to In The Style’s differentiated brand, innovative influencer collaboration model, and exciting opportunities for future growth.”
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