Maternitywear specialist Seraphine has confirmed its intention to float on the London Stock Exchange and said the IPO should raise around £61 million.
It will list on the LSE’s main market, rather than the Alternative Investment Market that has proved popular with fashion businesses in the past, and the book-building process to set the offer price will happen next month.
The company was sold by its founder and her backer Bridgepoint late last year for £50 million. It was acquired by Mayfair Equity Partners and the firm’s management under CEO (and former ASOS exec) David Williams.
Given that it should see “at least 50% of its issued share capital” in free float post-IPO and it expects to raise over £60 million, it’s clear that its owners got a good deal when they bought it last December.
David Williams said the owners of the company “strongly feel that now is the right time for the business to IPO. Listing will give us the opportunity to further the group’s reach and continue to grow our presence and product offer in the highly resilient and under-competed maternity and nursing wear market. The opportunities for the business are considerable, with plenty of the global market still to go for.”