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Koovs to debut on Aim on Monday

Indian etailer Koovs will launch onto Aim on Monday after raising £22m through an initial public offering (IPO).

The website, which was set up by the former Asos chairman Lord Waheed Alli in 2012, has sold 62% of the business at 150p a share, giving it a market capitalisation of £36m. Shares in the business were twice subscribed.

Last month the etailer bolstered its board with former French Connection director Roy Naismith ahead of its float.

The website added a trio of heavyweights to its board including Naismith who left French Connection last year after 12 years. He has joined the company as chief financial officer.

British Vogue deputy editor Emily Sheffield and Gail Rebuck, chair of Penguin-Random House, also joined the board as non-executive directors.

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