The company plans to issue at 97p per share with the market capitalisation on admission of £62.6m
The company behind cosmetics brand W7 has announced its intention to trade on the Alternative Investment Market (AIM) of the London Stock Exchange on 30 November.
The AIM, set up in 1995, helps start-ups and smaller companies to raise capital, providing a route to investment without the regulatory hurdles and costs associated with a public flotation on the main London Stock Exchange.
We believe that the appetite for the investment case is strong and we look forward to welcoming new shareholders.
Warpaint expects to issue at 97p per share, with the market capitalisation on admission of £62.6m. The company expects aggregate gross placing proceeds of £23m from the issue of new shares and the sale of existing shares.
Warpaint London has appointed Stockdale Securities Limited as its Nominated Adviser and Broker.
Through admission, Warpaint hopes to raise its brand profile and awareness; accelerate growth; increase access to capital for future expansion; and support future acquisitions through the board’s use of ordinary shares.
Sammy Bazini and Eoin Macleod, Co-CEOs of Warpaint, said: “We believe that the appetite for the investment case is strong and we look forward to welcoming new shareholders.”
The two figureheads said they were “passionate” about growing the W7 brand, launched in 2002.
The colour brand, targeted at the 16-30 age range, has proved lucrative for Warpaint, with revenues increasing from £16.7m in full-year 2013 to £22.3m in full-year 2015.
As well as its own-brand division, Warpaint also operates a smaller close-out division.