Footasylum will have a market value of £171.3m when it lists on London stock market Aim next week.
The footwear retailer established by the founders of JD Sports will list on the London Stock Exchange’s junior market on 2 November, through a combination of 26,474,390 new and 13,381,134 existing shares, at £1.64 per share.
It will raise £65.4m from institutional and other investors, having conditionally raised £43.4m prior to listing.
Of this, the company will use £18.7m to pay down preference shares as well as £3.9m to repay a loan made to the company by chairman John Wardle.
Roughly 63% of issued share capital will be owned by co-founder David Makin’s family. The remaining 104,474,390 will be available to potential stakeholders, along with a 37% free float.
It plans to use the funds raised to fuel its expansion, aiming to boost its store count from 60 to 150.
Footasylum chief executive Clare Nesbitt 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 placing.
“We welcome our new shareholders and look forward to delivering the significant potential that we see for Footasylum as a quoted business.”
Footasylum confirmed its intention to float last week. The company said it expected to make “significant investments” over the next three years in expanding its digital presence, as part of a broader upgrade of its IT systems.
Former JD Sports chief executive Barry Bown will join the board as executive chairman on 1 June 2018, when Footasylum co-founder John Wardle retires from the role.