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Principale » Boohoo raises £50m for new warehouse with share placing

Boohoo raises £50m for new warehouse with share placing

08 Juin 2017

Revenues rose to £120.1m in the three months to 31 May 2017, up from £58.2m a year ago.

Boohoo.com announced the first equity funding since its 2014 initial public offering (IPO) as the United Kingdom online fashion retailer reported booming quarterly sales and raised its annual forecast.

"While it is early in the financial year, boohoo continues to perform well and PrettyLittleThing delivered exceptionally strong revenue growth in the first quarter as it continues to expand its young female customer base".

Online fashion retailer boohoo.com on Thursday confirmed it has succesfully raised the GBP50.0 million it said it would raise in an accelerated bookbuild late Wednesday, while Chief Executive Mahmud Kamani reduced his stake in the company.

The U.K. -listed company has placed 22.7 million new placing shares at 220 pence per share, a discount of 0.3% to the closing middle market price on June 7.

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"Nasty Gal has made a promising start since we acquired the brand, with revenues growing strongly month-on-month, as we increased the product range".

Boohoo now plans to raise £50 million through the listing of new shares to help fund a new 600,000sq ft warehouse and expects full-year revenue to grow by 60 per cent, up from the previous guidance of 50 per cent.

Shareholder Old Mutual Asset Management agreed to subscribe for 6.2 million shares.

Zeus Capital and Jefferies acted as joint bookrunners in connection with the placing.

"The transaction also marks the first realisation of shares for the Kamani family since Boohoo's 2014 flotation".

Boohoo raises £50m for new warehouse with share placing