Shares in fast fashion omnichannel retailer QUIZ are set to start trading on AIM on Friday 28 July as the group announces it is on course for its IPO, which will give it an initial market capitalisation of £200m.
The Glasgow-based business has today published its Admission Document following the successful pricing of its £102.7m placing. The placing price has been set at 161p per share and it will trade under the ticker of QUIZ.
Of the £102.7m of gross proceeds generated by the float, £92.1m will go to the selling shareholders while £10.1m will be invested in accelerating the £90m-turnover company’s growth.
Existing shareholders will hold approximately 48.7% of the company’s enlarged share capital and directors will hold 28.5% of its issued share capital. Upon admission to AIM, the company will have 124,230,905 ordinary shares in issue with shares not in public hands of approximately 48.8%. Panmure Gordon is acting as Nominated Adviser and Sole Bookrunner.
QUIZ founder and CEO Tarak Ramzan said today’s announcement marked “an exciting new phase in QUIZ’s growth and development”. “We have a well-invested infrastructure, a clear customer focus and a fantastic team and I am delighted that investors have recognised the company’s significant strengths and opportunities with their support. We are confident that the company’s admission to AIM will help QUIZ to deliver its clear omnichannel growth strategy and enable the brand to achieve its hugely exciting global potential,” he said.
The business recently announced the appointment of JD Sports chairman Peter Cowgill as non-executive chairman. “I am delighted to be joining a company with such clear and exciting growth prospects and this has been reflected by the strong levels of investor interest received throughout this process. We are looking forward to achieving further growth and success for all stakeholders as a public company,” Cowgill said.
QUIZ revenues increased 21% per annum between financial year 2015 and 2017 to £89.8m while EBITDA grew 30.6% per annum to £10.3m. Founded in Glasgow in 1993 it now operates 73 standalone stores and 165 concessions in the UK and ROI. International growth has been strong and it is present in 19 countries through 65 franchised stores, wholesale accounts and international online partners.
The business now intends to boost its global footprint and open international websites in Spain, USA and Australia, along with standalone stores in Spain, concessions in Cyprus, the USA and Central America, as well as further expanding in the Middle East and the Far East. In the UK it is promising 20 new stores and 20 new concessions in the next two years.