Confirming a report in our previous issue, Footasylum, the British chain of sports and lifestyle stores created by the founders of JD Sports, is going public on the Alternative Investment Market (AIM) London Stock Exchange on Nov. 2 at a price of £1.64 per share, giving it an initial valuation of £171 million (€194.3m-$226.0m). On Friday in advance of the IPO, the owners raised gross proceeds of £65.4 million (€74.3m-$86.4m) and net proceeds of £43.3 million (€49.2m-$57.2m) through a private placement and share subscriptions. About half of that will be used to help the chain, which had sales of £147 million (€167.0m-$194.3m) last year, to expand from 61 to 150 stores in the U.K. and Ireland. The Makin family will retain a controlling stake of 63 percent in Footasylum.

Topics