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LONDON, United Kingdom — Boohoo.com Plc raised 300 million pounds ($498 million) through an initial public offering, becoming the third U.K. retailer to list shares this week.
The placing price was 50 pence a share, the company said in a statement today. That will value the business at 560 million pounds upon admission to trading, it said. The company will use 50 million pounds in proceeds to finance expansion and about 240 million pounds will go to paying down loans.
The IPO “will support us in our continued ambition to provide high quality, fast fashion at affordable prices for our fashion-conscious customers around the world,” the company’s chief executive officers said in the statement.
Boohoo.com follows Pets at Home Group Plc and Poundland Group Plc, a discount retailer, in selling shares to the public. Pets at Home fell on its first day of trading while Poundland surged 23 percent.
By Celeste Perri; Editors: David Risser, Tom Lavell, Kim McLaughlin
