Footasylum IPO values business at £171 million
In a statement, the company said its initial public offering has raised £65.4 million for Footasylum and existing shareholders through a placing and share subscription of £1.64 per share. With the first day of dealings taking place on 2 November, the IPO will enable the business to continue its investment in new store openings and online retail activities.
Established in 2005 by the founders of JD Sports, Footasylum plans to open eight to ten new stores per year to take the total to at least 150 in the UK. The business reported revenue of £147 million with an EBITDA of £11.2 million in its most recent financial year.
Footasylum retails “on-trend” product ranges which are predominantly aimed at 16 to 24 year-olds. Brands on offer include established names such as Adidas, Nike and Under Armour, as well as up-and-coming brands and own label products such as Kings Will Dream and Glorious Gangsta.
Operating a 61-strong store estate, Footasylum recently launched a wholesale arm for distributing its own brand ranges via a network of partners .
Clare Nesbitt, chief executive of Footasylum, said: “Today marks the beginning of an exciting new chapter in the Footasylum story. We are delighted that our product-led, multichannel expansion strategy has resonated so strongly with investors, and are thrilled to have received such a strong level of demand for the IPO.”
GCA Altium acted as financial and nominated adviser on the IPO of Footasylum.
Phil Adams, chief executive at GCA Altium, said: “Footasylum has shown remarkable growth and has a great platform to continue this both online and in physical stores. We worked closely with the board and family shareholders to review a number of options for funding the next phase of development and believe that IPO represents the best platform for the company to flourish.”
Email this article to a friend
You need to be logged in to use this feature.
Please log in here