Fashion chain admitted to AIM
Quiz value soars £36m on stock market debut
Quiz saw £36 million added to its valuation when shares in the Glasgow-based fashion company made their debut on the stock market today.
The company raised £102.7m in a placing with institutional and private investors at 161p, valuing the business pre-float at £200 million.
The proceeds included £92.1m for the selling shareholders and £10.6m for the company which will be used to accelerate its growth.
Shares opened at 180p and peaked at 198p giving the company a £246m valuation. They closed at 190.4p, providing a market capitalisation of £236m, with just over 6.9m of the 124,230,905 shares traded.
Panmure Gordon acted as nominated adviser and sole broker in relation the admission and the placing.
Tarak Ramzan, Quiz founder and chief executive, said: “Today’s admission marks a significant milestone in the growth of the Quiz brand.
“Quiz has a very exciting position in the fast-growing fast fashion market. The company has a number of clear and exciting growth opportunities in the UK and internationally across its omni-channel model and we look forward to creating shareholder value in this new phase of Quiz’s development.“