In The Style Group PLC (LON:ITS) said it has applied for admission to AIM after raising £49mln in an oversubscribed placing, valuing the company at £105mln.
The budget fashion retailer placed 5mln new shares and 24mln existing shares at 200p a pop to institutional and other investors.
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It said the placing was significantly oversubscribed, so it increased the number of existing shares on sale available to new investors and set the placing price at the top of the valuation range.
On admission, the e-commerce firm will have 52mln ordinary shares in issue and a free float of 44.2%, with fund manager Causeway Capital Partners holding a 14.5% stake and senior management collectively owning 27.3% of the company.
The first day of trading on the junior market is scheduled for March 15.
Unlike other platforms, the eight-year-old online platform sets up long-term agreements with influencers to collaboratively design, develop and promote branded fashion collections, as a strategy to drive up sales and engagement.
It’s planning to hire two new, independent non-executive directors, Nancy Cruickshank and Adam Bellamy, once going public.
“We are thrilled by the very positive reception to our IPO from a wide range of high-quality institutional investors,” said chief executive Adam Frisby in a release.
“This is a great testament to In The Style's differentiated brand, innovative influencer collaboration model, and exciting opportunities for future growth.”