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Bonmarché to go public on Wednesday

Bonmarché and House of Fraser this week have moved a step closer to listing on the London Stock Exchange, with the value retailer planning to list on Wednesday (November 20).

Womenswear retailer Bonmarché, which announced its plans for an IPO in October, is looking to raise £40m through the share issue that will see it list on the Alternative Investment Market (Aim).

The value retailer this morning announced it was proposing to place just over 20 million shares on the index, valued at 200p per share, at 8am next week. Investec Bank is acting as financial adviser, Nomad and broker.

The listing will value the company at £100m, less than the £130m that had been touted.

Chief executive Beth Butterwick said: “We are delighted to announce that our initial public offering has been successfully received. We would like to welcome our new shareholders and are looking forward to the next stage in the development of the business as a publicly quoted company.”

Meanwhile, House of Fraser has appointed investment bank Rothschild as an adviser for its impending IPO. Earlier this month Drapers revealed the business was in the final stages of negotiations with shareholders.

Although it was initially believed that HoF was planning to make its stock market return in May 2014, it is thought the offering may be fast-tracked to the first quarter of next year.

Cantor Fitzgerald investment analyst Freddie George said investors were seeking deals at the moment due to buoyancy in the market. However, he added: “The two most exciting things for fashion retailers are the internet and international, and neither Bonmarché nor House of Fraser are particularly strong in either.”

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