Inspecs Group PLC (LON:SPEC) shrugged off the coronavirus carnage elsewhere to make a steady start on its AIM debut.
The own-label spectacle frame maker raised £23.5mln pre-IPO at 195p per share with its owners selling another £70.5mln worth of shares, as expected.
Robin Totterman, chief executive, said the listing would enable the business to grow and develop, both organically and through accretive acquisitions and build market share in a globally expanding eyewear market.
Inspecs designs and makes spec frames both under its own brand and for retailers in the mid-market and entry price points.
Customers include French Connection, Superdry, Hype, Farah, O'Neill, Radley and Caterpillar.
Management believes it is one of the few companies that can offer a 'one-stop-shop' to these global retail chains.
The group generated 80% of its revenues outside of the UK in 2018 and has manufacturing facilities in Vietnam, China, London and Italy.
At 195p, the business is valued at £138mln and the plan is to use the AIM listing for acquisitions and to boost its manufacturing capability.
Underlying profits (EBITDA) rose to US$11.6mln in 2018 from US$1.5 million in 2016 following the acquisition of frame manufacturer Killine.
Net debt reduced from US$24.2mln at the end of December 2017 to US$14.1mln in June last year.