13th Jul 2021 11:39
(Alliance News) - Revolution Beauty Group PLC is targetting a market capitalisation of around GBP495 million ahead if its initial public offering on London's AIM junior market next week.
The beauty products retailer plans to place 69.2 million new shares at 160 pence each, netting it GBP110.7 million. Existing investors are to sell 118.3 million shares at the same 160p price, GBP189.3 million in total, meaning a combined offer size of GBP300 million.
Based on the placing price, Revolution Beauty will have a GBP495 million market value when it lists.
The proceeds of the placing are expected to provide around GBP20 million of cash immediately following its initial public offering. Admission is expected on July 19.
"The IPO of Revolution Beauty marks a significant milestone in the company's development and provides us with a solid platform to execute our exciting growth plans and take advantage of the significant opportunities for global expansion in a compelling growth market," commented Chief Executive Adam Minto.
"We are delighted by the strong support from investors and we look forward to creating long term value for our new shareholders as we look forward to our future as a public company."
Jupiter Asset Management has already entered into a cornerstone investment agreement with Revolution Beauty, agreeing to subscribe for GBP90 million of the placing or just over 18% of the company.
Since its founding in 2014 by Chief Executive Adam Minto and Executive Chair Tom Allsworth, Kent-based Revolution Beauty has expanded to serve customers in more than 140 countries and now has partnerships with retailers in 45 countries. It posted revenue of GBP157.6 million for the 14-month period to February 28.
Zeus Capital is acting as nominated adviser and broker.
By Will Paige; willpaige@alliancenews.com
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