British maternity wear brand Seraphine is all set for a £61 million float on the London Stock Exchange in July 2021.
Reportedly, the brand plans to use £16 million of the proceeds to repay its current term loan, in addition to paying costs related to float.
The remaining £45 million will be used to repay the brand’s loan held by some of its shareholders.
Notably, about 50 per cent of Seraphine’s capital will be issued as a part of the IPO. The IPO is intended to help the brand to expand digitally.
Stating that it is the right time for the business to IPO, David Williams, CEO, Seraphine, said “Listing will give us the opportunity to further the Group’s reach and continue to grow our presence and product offer in the highly resilient and under-competed maternity and nursing wear market.”
Seraphine, which was founded in 2002 by Cécile Reinaud, presently has 8 stores across London and reaches as many as 120 countries through websites. It has stores in the UK, Dubai, Hong Kong, France as well as in the US, and generated a turnover of £28 million in 2020.