23rd May 2016 08:12
LONDON (Alliance News) - Retailer Joules Group PLC on Monday said it will raise GBP77.5 million through its float on AIM and will start trading later in the week.
Joules, which sells branded clothing, accessories, footwear and homewares, said it will raise GBP77.5 million in total from its initial public offering, GBP11.5 million of which will go to the company and be used to pay down debt, with the rest going to selling shareholders.
The company will sell a total of 41.3 million existing shares and 7.2 million new shares at 160.00 pence per share to raise the funds. Upon admission, its market capitalisation will be around GBP140.0 million with 87.5 million shares in issue.
Shares in the company will start trading on Thursday.
Peel Hunt acted as nominated adviser, joint bookrunner and joint broker on the transation, with Liberum joint bookrunner and joint broker. Rothschild advised Joules on the listing.
"Today's announcement marks an exciting new phase in Joules' development as a premium lifestyle brand. Joules is a much loved brand with a rare heritage and we are delighted with the strong response to the placing, reflecting investors' recognition of the significant further opportunities for the group both in the UK and internationally," said Chief Executive Colin Porter.
By Sam Unsted; [email protected]; @SamUAtAlliance
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