Shares in fashion retailer Quiz climbed to almost 197p this morning after the fast fashion retailer entered the London Stock Exchange's junior market.
Existing shareholders who sold their shares as part of the float came in for £92.1m, after the initial placing on Aim raised £102.7m. This gives the company a market capitalisation of £200m.
The remaining £10.6m will go back into growing the company. The company has said it will grow its online presence by opening international websites, partnering with third party platforms, and introducing new product categories, as well as improving the existing mobile channel.
International expansion plans will see Quiz open standalone stores in Spain as well as concessions in the US. It also has plans to open another 20 stores and 20 concessions in the UK.
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Quiz founder Tarak Ramzan commented: “Today’s admission marks a significant milestone in the growth of the Quiz brand. With our unwavering focus on providing fantastic occasion wear and dressy casual wear at value for money prices, Quiz has a very exciting position in the fast-growing fast fashion market."
Quiz was founded in 1993 in Scotland, but has recently seen a period of growth as demand grows for up-to-date designs at low prices on the young fashion market. Unlike rivals Missguided and Boohoo, Quiz began as a bricks-and-mortar retailer and now operates as an omni-channel business with 250 stores across the UK.
Boohoo floated back in 2014 while Missguided is reportedly also looking into an IPO.
Ramzan added: "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."