Friday is Quiz's first day as a listed company, shares rise
Fast-growing UK fashion retailer Quiz Clothing is now a listed company with the firm making its stock exchange debut on Friday July 28 on London’s Alternative Investment Market (AIM).
The shares were trading strongly with a rise from the offer price to around 198p by mid-day.
The company, which managed to bag the ticker symbol QUIZ, now has a market capitalisation of £200 million following a successful placing with institutional and private investors of its Ordinary Shares. Overall the placing raised £102.7m of gross proceeds at a placing price of 161p.
While the bulk of the money raised will go straight to the selling shareholders, £10.6 million will be used to accelerate the company’s growth as it boost its its mainly-occasion and dressy daywear offer across multiple channels.
Tarak Ramzan, founder and chief executive officer of the Scotland-based firm, said: "Today's admission marks a significant milestone in the growth of the Quiz brand. The company has a number of clear and exciting growth opportunities in the UK and internationally across its omnichannel model and we look forward to creating shareholder value in this new phase of development.”
Quiz has certainly become one to watch in recent years, joining other nimble businesses focused on affordable fashion in winning a growing market share as consumers turn away from longer-established high street names.
If its shares follow a similar upward trajectory to those of companies like Asos and Boohoo, the climb on their debut day could look small-scale. However, nothing is guaranteed in the current market conditions and there is still plenty of potential for investors to rein-in their interest if Quiz doesn’t live up to the currently-justifiable hype. Not that this looks like happening at the moment as sales remain strong following impressive double-digit growth in recent years.
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