Seraphine valued at £150.2m as it floats on London Stock Exchange

Maternity and nursing brand Seraphine has revealed its valuation upon flotation on the London Stock Exchange will be £150.2m.

Conditional dealings in shares in the London-based business, which announced its intention to float last month, began this morning at an offer price of 295p per share (unconditional dealings begin on 16 July). The company is trading under the ticker "BUMP".

The Offer comprises 20,677,011 new shares issued by the company to raise gross proceeds of approximately £61m and 4,931,278 sale ahares being sold by certain existing shareholders, equating to a total offer size of approximately £75.5m and representing 50.3% of the company’s issued share capital on admission.

CEO David N Williams said: “We are absolutely delighted to be starting our journey as a public company by joining the Main Market of the London Stock Exchange, raising our profile and providing us with the platform to achieve our international growth plans. I am pleased with the strong level of support we received for our IPO and I would like to welcome our new shareholders to the register.

“I would like to thank the whole Seraphine team who have worked so hard to grow the business since its origins in 2002 and also our customers, who everyday trust Seraphine to support them during such an important time in their lives.

“This exciting next step in the Company’s journey will see us building on our existing strong fundamentals, reaching more customers worldwide and continuing to deliver innovative designs that support the journey of motherhood.”

Seraphine was founded in 2002 by entrepreneur Cécile Reinaud offering stylish, modern and accessibly priced maternity wear. It garnered a high profile celebrity following and was worn by the Duchess of Cambridge during her pregnancies.

Reinaud took a step back from the business when Williams, who arrived at the business from ASOS in 2017, stepped into the role of CEO in 2019.

At the end of last year the business was acquired in a £50m deal by Mayfair Private Equity Partners, who bought out Reinaud previous backers Bridgepoint Private Equity.

The digital-first business, which also has a number of strategically placed retail stores and some digital and wholesale partners, achieved sales of £34m in the year to 4 April. It also has a strong global footprint with around two-thirds of its FY21 revenue generated outside of the UK.