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Shoe Zone to float on Friday with 160p share price

Value footwear retailer Shoe Zone has priced shares at 160p, giving the business a £80m value as it prepares to float on Friday.

The business expects to launch on the AIM market of the London Stock Exchange at 8AM on Friday (May 23).

The placing consists of the sale of 22.5 million ordinary shares by its sole shareholder, Shoe Zone Group. The group is controlled by chief executive Anthony Smith and chief operating officer Charles Smith. The company will not raise any new money under the placing.

At admission to the market, Shoe Zone will have 50,000,000 Ordinary Shares in issue and a free float of 44.5%.

The business, which currently has 554 stores across the UK and Ireland and 4,100 employees, is mulling European expansion for the first time, concentrating on coastal regions of Spain and Poland.

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