Salford-based In The Style valued at £105m in IPO

Salford-based fashion firm In The Style said it will have a stock market capitalisation of £105 million after strong demand from investors for the online retailer’s shares in its upcoming initial public offering (IPO).

In The Style said commencement of dealings in its shares on London’s AIM market is expected to take place on March 15 under the ticker ITS.

The firm announced a conditional placing of 5.5 million new ordinary shares and 24.5 million existing ordinary shares, both at a price of £2 per share, with institutional and other investors.

The placing of the new shares will raise gross proceeds of £11 million for the company and the placing of the existing ordinary shares will raise gross proceeds of £49 million for the selling shareholders.

“Based on the placing price, the market capitalisation of the company will be approximately £105 million on admission …” said In The Style.

The company added: “The placing was significantly oversubscribed enabling the company to increase the number of sale shares available to new investors and to set the placing price at the top of the valuation range …

“On admission, the company will have 52,499,998 ordinary shares in issue and a free float of approximately 44.2 per cent …

“On admission, Causeway Capital Partners I LP will own approximately 14.5 per cent. and senior management will own approximately 27.3 per cent. of the issued ordinary shares …”

In The Style CEO Adam Frisby said: “We are thrilled by the very positive reception to our IPO from a wide range of high-quality institutional investors.

“This is a great testament to In The Style’s differentiated brand, innovative influencer collaboration model, and exciting opportunities for future growth.

“I’m incredibly proud of the ITS brand and would like to take this opportunity to thank everyone connected with In The Style — including our team, customers, partners and influencers — for their continued support of the business, which has contributed to both its success so far and today’s exciting milestone.

“We are delighted to welcome our new shareholders and are looking forward to the next exciting chapter of In The Style’s journey as a public company.”