London Stock Exchange welcomes INSPECS GROUP PLC to AIM
London Stock Exchange today welcomes Inspecs, a leading designer, manufacturer and distributor of eyewear frames to global retail chains, as the Company becomes the first IPO of 2020 to raise money on AIM.
The Company has successfully raised £94.0 million through a placing and subscription, giving it a market capitalisation on Admission of £138.0 million. The gross proceeds for the Company will be used to support its organic growth, undertake further acquisitions and extend the Group’s manufacturing capacity. It will trade under the ticker ‘SPEC’.
Founded in 1988, INSPECS is one of only a few companies providing a one-stop shop to global retail chains (such as Specsavers globally, National Vision in the USA, and Vision Express in the UK) and popular fashion brands (Superdry, O’Neill, Farah, HYPE, Radley) as well as a myriad of house brands.
Having signed its first license agreement with French Connection in 1998, Inspecs now distributes to over 80 countries, reaching approximately 30,000 points of sale. The Company has operations across the globe; with offices in the UK, Portugal, Scandinavia the US and China (Hong Kong, Macau and Shenzen), and manufacturing facilities in Vietnam, China, Italy and luxury-end Savile Row manufacture in London.
Speaking at the Market Open Ceremony, Robin Totterman, CEO of Inspecs said: “Today represents a landmark moment for Inspecs. We are delighted to be joining the London Stock Exchange and believe this will enable the business to grow and develop, as we build our market share in the globally expanding eyewear market.
“I would like to thank all of our people and advisers, who have been instrumental in building such a successful business. I would also like to take this opportunity to welcome our new shareholders to the register. We very much look forward to life as a public company and to see our business continue its growth journey.”
Advisers to the IPO include:
- Peel Hunt, NOMAD and sole broker
- Macfarlanes, Company legal counsel
- Travers Smith, Peel Hunt legal counsel
- EY, Reporting accountant
- FTI, Financial Public Relations Adviser