Liberum acts as Nominated Adviser and Sole Broker on the AIM IPO of In The Style Group plc raising £60m
We are pleased to announce that Liberum has successfully raised £60.0 million in connection with the AIM IPO of In The Style. The shares were admitted to trading today, 15 March 2021.
In The Style Group plc (“In The Style” or the “Group”) is a pure-play e-commerce fashion brand with a loyal, growing customer base of women predominantly aged between 16 and 35. Founded in 2013 by entrepreneur Adam Frisby, In The Style champions female empowerment, inclusivity, body confidence and real beauty. The brand has innovated a differentiated influencer collaboration model - which sees it work with influencers on a long-term basis to collaboratively design, develop and promote branded fashion collections - as an authentic and cost-effective way to drive customer engagement and sales.
On Admission, the market capitalisation of the Group was approximately £105 million.
The successful raise of £60.0 million (the “Placing”) attracted strong support from high-quality institutional investors and was significantly over-subscribed. The Placing included raising gross proceeds of £49.0 million for the selling shareholders, which allowed a partial exit for Causeway Capital Partners I LP (“Causeway”) and senior management. On Admission, Causeway will own approximately 14.5% and senior management will own approximately 27.3% of the issued share capital.
The Placing also raised gross proceeds of £11.0 million for the Group. The net proceeds will be used together with some of its existing cash resources to continue to invest in growing and developing its social media influencer network, selective brand marketing, entry into certain international markets through its proven influencer model, infrastructure and technology and assist with the move to a new, larger warehouse in 2021 to support further growth.
Liberum acted as Nominated Adviser and Broker on the IPO, and is retained as NOMAD and Sole Broker to the Company post Admission.
Investment Banking – Clayton Bush, Scott Mathieson, John Fishley, Ed Thomas, Miquela Bezuidenhoudt, Anthony Schia
Sales Lead – Oliver Baxendale
Research – Wayne Brown
Legal – Rebecca Gordon, Alice Foster
CIR – Lynsey Cox
Settlements – Rob Simpson, Mark Proctor
Sales Trading – Mark O’Hara