3rd May 2016 08:05
LONDON (Alliance News) - Retailer Joules Group PLC tabled plans to float in London on Tuesday, while Midwich Group PLC priced its upcoming initial public offering that will give the audio-visual and document services distributor a market capitalisation on admission of GBP165.3 million.
Joules, which sells branded clothing, accessories, footwear and homewares, said it plans to float on London's AIM market in the second quarter of 2016. It did not provide any details on how many shares it will list, the pricing of those shares, or its expected market capitalisation upon admission.
The British lifestyles company made GBP116.4 million in revenue in 2015, representing 50% growth against sales made in 2013 thanks to store roll-outs, a continued expansion of online sales and increased sales in existing wholesale accounts.
Joules, which was founded in 1989, will use the funds raised to back a continued roll-out of stores in the UK, international expansion plans, and an extension of its product lines.
"We have a clear strategy to develop the brand further and we see real potential for continued growth across channels both in our core UK market and internationally," said Joules Chief Executive Colin Porter.
Elsewhere, Midwich priced its upcoming IPO, also on AIM, at 208.00 pence per share. It will offer a total of 36.2 million shares in the issue, raising around GBP75.2 million. Of this, GBP26.0 million will come from new shares and be used to pay down debt, with GBP49.2 million to go to the sellers of existing shares.
Shares in the company are due to start trading on Friday.
"Today represents an important milestone in the group's history and becoming a public company will further enhance Midwich's leading competitive position as a specialist AV and document solutions distributor to the trade market," said Midwich Managing Director Stephen Fenby.
By Sam Unsted; [email protected]; @SamUAtAlliance
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