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TheWorks.co.uk begins trading in London with market value of £100mln

TheWorks raised £65.2mln of gross proceeds, some of which will be used to repay debt

The Works
The IPO was priced at 160p per share

British retailer TheWorks.co.uk PLC (LON:WRKS) began trading on the main market of the London Stock Exchange, raising £65.2mln in gross proceeds.

The initial public offering was priced at 160p per share, giving it a market value of £100mln. 

The company, which sells toys, books and arts and craft supplies, plans to use £24.8mln of the proceeds to repay debt.

The flotation comes amid difficult conditions on the UK high street as bricks and mortar retailers tackle a shift towards online shopping and weaker consumer confidence.

Toys R Us UK and Maplin entered administration at the end of February while Marks & Spencer Group (LON:MKS) Debenhams PLC (LON:DEB) and House of Fraser have announced major restructuring plans. 

Quick facts: TheWorks.co.uk PLC

Price: 45.8 GBX

LSE:WRKS
Market: LSE
Market Cap: £28.63 m
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