Sosandar PLC (LON:SOS) made a strong debut today on AIM as it joined a growing list of online fashion businesses listed on London’s junior market.
Shares in the Cheshire-based business jumped almost 30% in decent trading volume following its reversal into former miner Orogen Resources.
Early trades saw the share price rise to 19.25p valuing the group at just under £21mln. A placing to raise £5.3mln for the online business ahead of today’s float was priced at 15.1p.
READ: Sosandar puts the style back into affluent womenswear
Online fashion
AIM already boasts ASOS and Boohoo as outstanding online fashion success stories, but Sosandar’s management is equally confident about its prospects.
Founded just a year by Alison Hall and Julie Lavington, two fashion magazine entrepreneurs, Sosander targets affluent women who have moved beyond the youth-dominated ranges of other online retailers with fashionable, style-led clothes.
Already a favourite among female celebrities: “It is women’s clothing targeted at someone a bit more professional and affluent,” said the duo.