Seraphine valued at £150.2 million as it prepares to float on stock market
Ahead of its stock market flotation, maternity retailer Seraphine has announced the successful pricing of its initial public offering at 295 pence per ordinary share.
In a statement, the retailer said its market capitalisation will be approximately £150.2 million at the commencement of conditional dealings on the main market for listed securities of the London Stock Exchange.
The offer comprises 20,677,011 new shares issued by the company to raise gross proceeds of approximately £61 million, and 4,931,278 sale shares being sold by existing shareholders. This equates to a total offer size of approximately £75.5 million and will represent 50.3% of the company’s issued share capital on admission.
Immediately following admission, the company’s issued share capital will be 50,902,011 ordinary shares.
David Williams, chief executive of Seraphine Group, said: “We are absolutely delighted to be starting our journey as a public company by joining the Main Market of the London Stock Exchange, raising our profile and providing us with the platform to achieve our international growth plans. I am pleased with the strong level of support we received for our IPO and I would like to welcome our new shareholders to the register.
“This exciting next step in the company’s journey will see us building on our existing strong fundamentals, reaching more customers worldwide and continuing to deliver innovative designs that support the journey of motherhood.”
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