Trading in Bonmarché’s shares is expected to begin on 20 November. The company said it anticipates raising £40 million from the placing.
Beth Butterwick, chief executive at Bonmarché, said: “We are delighted to announce that our initial public offering has been successfully received. We would like to welcome our new shareholders and are looking forward to the next stage in the development of the business as a publicly quoted company.”
Founded in 1982, Bonmarché was acquired by investment firm Sun European partners in 2012 after former owner Peacocks went into administration.
With a customer loyalty database of around 6,500 customers, the retailer sells its primarily own-brand products through 264 stores, a website, mail order catalogues, a telephone ordering service and a TV shopping channel.
Since the acquisition, Sun European has been implementing a turnaround strategy which has led to a rise in profitability and the opening of new stores.
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