boohoo.com debut on AIM
London Stock Exchange today welcomed boohoo.com to a welcome ceremony, marking the admission of its shares to trading on the AIM market.
Boohoo is one of the UKs largest pure-play online, own brand fashion retailers. The Company designs, sources, markets and sells the latest on-trend fashions through the www.boohoo.com website to a core market of 16-24 year old consumers. boohoo is a well-established brand in the UK, Ireland and Australia and currently sells its products into over 100 countries.
The IPO placing raised approximately £300 million in total, £50 million of which will be used to accelerate the Company's expansion and enhance its working capital base. A proportion of the money raised will be used as part of a multi-stage development plan to grow the Company's distribution facilities and repay the outstanding mortgage on its Burnley warehouse, in addition to funding the infrastructure and IT systems to support future international growth. Approximately £240 million will be used to repay the Convertible Loan notes held by the Company's existing shareholders.
Zeus Capital is acting as Nominated Advisor and Sole Broker to the Company.
Commenting on the announcement, Mahmud Kamani and Carol Kane, Joint Chief Executives of boohoo, said:
"The IPO of boohoo.com marks an exciting milestone in the Company's development and will support us in our continued ambition to provide high quality, fast fashion at affordable prices for our fashion conscious customers around the world.
We view the support from investors as a strong endorsement of the Company's growth plans and we look forward to creating value for our new shareholders as we begin life as a Public Company."