Manchester-based fashion e-tailer In The Style has debuted on AIM, a sub-market of the London Stock Exchange.
The womenswear retailer placed 5.5 million new ordinary shares and 24.5 million existing ordinary shares at a price of 200 pence apiece, raising 11 million pounds for the company and 49 million pounds for selling shareholders.
At the placing price, In The Style’s market capitalisation is approximately 105 million pounds.
“Today is a really exciting day for In The Style,” said founder and CEO Adam Frisby in a release.
“Our successful admission to AIM is a milestone we are delighted to have achieved. It has been an incredible journey over the last seven years for the business and I’m beyond proud of the differentiated and inclusive brand In The Style has become,” he said.
“We are very pleased to welcome our new shareholders to the business and I am really excited for the next chapter of the In The Style journey.”
Soaring sales during the pandemic
Founded in 2013, In The Style is a fast-growing pure-play e-commerce fashion brand predominantly focused on women aged between 16 and 35.
The brand, which uses an influencer collaboration model, has performed well during the pandemic as lockdowns accelerated the shift of shoppers to online channels.
In the nine months to the end of December 2020, net sales soared by 158 percent to 35.4 million pounds, while its active customer base increased by 61 percent to 700,000.
It reported adjusted EBITDA of 3.6 million pounds in the same period.
The company previously said it will use the net proceeds of the placing to invest in growing and developing its social media influencer network, selective brand marketing, entry into certain international markets through its influencer model, and infrastructure and technology.
It will also use the money to assist with the move to a new, larger warehouse in 2021 to support further growth.
Image: In The Style