Boohoo.com enjoys strong debut on London's Alternative Stock Market

Boohoo.com witnessed shares grow as much as 70 percent during its debut on London's

Aim this Friday, after the online fashion retailer raised 300 million pounds through an initial public offering this week and valuing the company at 560 million pounds upon its entry to trading.

The placing price was set at 50 pence a share for 600 million ordinary shares, revealed the online retailer in a company statement released today. Shares grew as much as 35 pence to 85 pence from the placing price, before being traded at 77.15 pence a piece as of 10.31 a.m, in the UK, valuing the company at 862.90 million pounds.

Boohoo.com revealed that it will use 50 million pounds in proceeds to speed up "its expansion and enhance its working capital base" and an estimated 240 million pounds will be used to repay down loans.

Commenting on the announcement, Mahmud Kamani and Carol Kane, joint CEOs at Boohoo, said: "The IPO of Boohoo.com marks an exciting milestone in the company's development and will support us in our continued ambition to provide high quality, fast fashion at affordable prices for our fashion conscious customers around the world."

"We view the support from investors as a strong endorsement of the Company's growth plans and we look forward to creating value for our new shareholders as we begin life as a Public Company."