Shares in fast fashion omnichannel retailer QUIZ begin trading on AIM today (28 July).
The business will launch on London’s junior Stock Market with a market capitalisation of £200m following confirmation last week that it had achieved a successful placing with institutional and private investors of QUIZ ordinary shares.
Overall the placing raised £102.7m of gross proceeds at a placing price of 161p per share. Some £92.1m of gross proceeds will go to the selling shareholders and £10.6m will be invested in the company to accelerate its growth.
Glasgow-headquartered QUIZ has achieved strong growth in recent years. Its revenues increased by 21% per annum between financial year 2015 and 2017 to £89.8m while EBITDA grew 30.6% per annum to £10.3m. Founded in 1993 it now operates 73 standalone stores and 165 concessions in the UK and ROI. International growth has been strong and it is present in 19 countries through 65 franchised stores, wholesale accounts and international online partners.
Founder and CEO Tarak Ramzan said today’s admission to AIM was a “significant milestone” in the brand’s growth. “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. 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 QUIZ’s development,” he said.