London Stock Exchange welcomes Footasylum to AIM
London Stock Exchange welcomes Footasylum, a UK-based fashion retailer focusing on the branded footwear and apparel markets, to celebrate the listing of the Company's shares following its successful admission to AIM.
Footasylum is joining AIM by way of a placing and subscription of 39,855,524 ordinary shares of £0.001 each at £1.64 per share, raising gross proceeds of approximately £65.4 million, comprising a combination of secondary sales and new issuance. A portion of the net proceeds of the placing receivable by the Company will be used to support the Company's significant growth opportunities - in particular, the expansion of its existing routes to market, technology systems and marketing programmes. On Admission, the Company had a market capitalisation of £171.3 million.
Footasylum retails "on-trend" product ranges predominantly aimed at young, fashion-conscious customers and sourced from an extensive stable of third party and own brands. The Company has established an exciting, product-led, multi-channel proposition, which combines a 61-strong store estate - in a variety of high street, mall and retail park locations in cities and towns throughout Great Britain - with a fast-growing eCommerce platform and a recently launched wholesale arm for distributing its own brand ranges via a network of partners.
The Company is led by an entrepreneurial management team who have a successful track record of growing the business since it was established in 2005. For the year ended February 2017, Footasylum reported revenue of £147m and EBITDA of £11.2m.
Commenting on the listing, Footasylum CEO Clare Nesbitt said:
"Today marks the beginning of an exciting new chapter in the Footasylum story. We are thrilled to be joining the London Stock Exchange and have been very pleased with the strong response to the placing and the recognition from investors of our significant growth potential. It is a real endorsement of the hard work that all of our employees have put in to making Footasylum the successful business that it is today."
GCA Altium Limited acted as financial adviser and nominated adviser to the Company, with Liberum Capital Limited acting as broker.