Value footwear retailer Shoe Zone has listed on the Aim market of the London Stock Exchange this morning (May 23).
The retailer opened with a share price of 168p, valuing the business at over £80m.
The placing consists of the sale of 22.5 million ordinary shares by its sole shareholder, Shoe Zone Group. Shoe Zone has 50,000,000 ordinary shares in issue and a free float of 44.5%.
The move follows the May 22 announcement that young fashion retailer Fat Face has abandoned its plans for an IPO.
Drapers understands that Fat Face and owner Bridgepoint will reassess its growth strategy and that it is too early to tell whether or not it will reattempt a float at a later date.