Footasylum set to debut on the London Stock Exchange

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Footasylum, a UK-based fashion retailer focusing on the branded footwear and apparel markets, today announces its initial public offering by way of a conditional placing and subscription of 26,474,390 new and 13,381,134 existing ordinary shares of £0.001 each (“Ordinary Shares”) at £1.64 per share (the “Placing Price”) with institutional and other investors to raise gross proceeds of approximately £65.4 million.

GCA Altium Limited acted as financial adviser and nominated adviser to the Company, with Liberum Capital Limited acting as broker.  

Highlights:

• Based on the Placing Price, the market capitalisation of the Company on the admission to trading of the Ordinary Shares on AIM (“Admission”) will be £171.3 million.
• The Company has conditionally raised £43.4 million (before expenses) pursuant to the placing and the subscription. Approximately £18.7 million will be used to redeem the Preference Shares in accordance with the Redemption Agreement and approximately £3.9 million will be used to repay a Director’s loan made to the Company by the Chairman, John Wardle.
• The Directors intend that the balance of the net proceeds will, in addition to existing cash resources, available debt facilities and future operational cash flow, be used to facilitate the Company’s growth capital expenditure plan. 
• On Admission, the Makin family will hold approximately 63 per cent of the issued share capital of the Company.
• On Admission, the Company will have 104,474,390 Ordinary Shares in issue and a free float of approximately 37 per cent.

Clare Nesbitt, Chief Executive Officer of Footasylum, said: “Today marks the beginning of an exciting new chapter in the Footasylum story. We are delighted that our product-led, multi-channel expansion strategy has resonated so strongly with investors, and are thrilled to have received such a strong level of demand for the Placing. We welcome our new shareholders and look forward to delivering the significant potential that we see for Footasylum as a quoted business.”