Revolution Beauty IPO sees it valued at almost £500m
Revolution Beauty has released more news of its share placing and its proposed admission to trading on the Alternative Investment Market (AIM). That’s the stock market index that also hosts hot shares such as ASOS and Boohoo Group.
It's selling almost 70 million new shares and over 118 million existing ones and the company said trading in its shares will start on July 19. At the placing price of 160p per share, it means it has a market capitalisation of £495 million.
The group, which is “a multi-brand, multi-category, multi-channel mass beauty innovator with proven global scale”, said the placing has “attracted strong support from high-quality institutional shareholders and was significantly oversubscribed”.
It should raise gross proceeds of £189.3 million for the existing investors who are selling shares, while the net proceeds of the placing will provide the company with around £20 million of cash immediately post-IPO.
Founder and CEO Adam Minto said: “The IPO marks a significant milestone in the company’s development and provides us with a solid platform to execute our exciting growth plans and take advantage of the significant opportunities for global expansion in a compelling growth market.”
Copyright © 2021 FashionNetwork.com All rights reserved.