In The Style valued at 105 million pounds ahead of AIM float

In The Style has been valued at 105 million pounds after announcing its proposed admission to trading on AIM, a sub-market of the London Stock Exchange.

The British fashion e-tailer said Wednesday it plans to raise 49 million pounds in a placing ahead of its float this month.

The company is placing 5.5 million new ordinary shares and 24.5 million existing ordinary shares at a price of 200 pence apiece to institutional and other investors.

In The Style said the placing attracted “strong support from high-quality institutional investors” and was “significantly over-subscribed”.

On Admission, the company will have 52.5 million ordinary shares in issue and a free float of approximately 44.2 percent, with private equity firm Causeway Capital Partners I LP owning a 14.5 percent stake, and senior management owning a 27.3 percent stake.

Founder and CEO Adam Frisby said he was “thrilled by the very positive reception” to the company’s IPO from a “wide range of high-quality institutional investors”.

In The Style eyes new international markets

“We are thrilled by the very positive reception to our IPO from a wide range of high-quality institutional investors. This is a great testament to In The Style’s differentiated brand, innovative influencer collaboration model, and exciting opportunities for future growth,” Frisby said in a release.

“We are delighted to welcome our new shareholders and are looking forward to the next exciting chapter of In The Style’s journey as a public company.”

The company said it intends to use the net proceeds of the placing to continue 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.

The business will also use the money to assist with the move to a new, larger warehouse in 2021 to support further growth.

In The Style has performed well during the pandemic, capitalising on consumers’ shift to online.

In the nine months to 31 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.

Image: In The Style