Boohoo shares surge in stock market debut
The company, which had a market value of £560 million on admission, saw its shares surge in early morning trading, rising from 50p to 80p.
The initial public offering raised £300 million. While around £240 million will be used to repay convertible loan notes held by existing shareholders, the £50 million proceeds for the company will be used to grow the business both in the UK and overseas and to expand its distribution facilities.
Mahmud Kamani and Carol Kane, joint chief executives of Boohoo, said: "The IPO of boohoo.com marks an exciting milestone in the Company’s development and will support us in our continued ambition to provide high quality, fast fashion at affordable prices for our fashion conscious customers around the world.”
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