MySale valued at 340 million pounds ahead of next week's flotation

Australian online apparel retailer MySale is has announced plans to list on the London’s

Alternative Investment stock market on 16 June, a step which has valued the company at 340 million pounds.

MySale has set the placing price at 226 pence per ordinary share, issuing 150,647,610 ordinary shares which is equal to 41.2 percent of the company. Sir Philip Green, owner of Arcadia Group previously acquired a 25 percent stake in MySale last month.

The company aims to use the 40 million pounds raised for its IPO for marketing initiatives and member acquisitions, as well as “opportunistic strategic acquisitions and additional working capital to support and implement the company's growth strategy,” reported Ragtrader.

“We are delighted with the success of our initial public offering and we welcome our new shareholders,” commented MySale executive director and vice-chairman, Jamie Jackson, who noted that the entire process has been a success.

“We look forward to keeping them up to date with our progress in the exciting times ahead as we continue to build on our leading position in Australia, New Zealand and South-East Asia and leverage this expertise across an expanding international footprint, starting this year in the US and UK," added Jackson.

Macquarie Capital has been appointed as adviser to MySale's IPO, alongside Zeus Capital, which has been nominated as joint broker and bookrunner, former advisor to online fashion retailer Boohoo during its listing on AIM in March.